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Amid a wave of upheaval in the banking and mortgage industries, the insurance company American International Group (AIG) is attempting to stave off bankruptcy. On September 12, 2008, AIG's shares dropped 31%. In the wake of the Lehman Brothers bankruptcy of the following Monday, questions arose over the company's future, including rumors of possible bankruptcy.Guardian: Wall Street mauled by Lehman bankruptcy, AIG fears (September 15, 2008) Such consternation was quelled on September 16, 2008, when it was reported that the Federal Reserve would loan AIG $85 billion in exchange for an 80% stake in the company.The New York Times: Fed to Give AIG $85B Loan and Take 80% Stake(September 16, 2008)
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Fast Facts
- AIG was established in 1919WSJ: AIG Scrambles... (September 15, 2008)
- Rejected an offer made by J.C. Flowers & Company, which is leading a group of private-equity firms, made over the weekend of September 13 and 14, 2008WSJ: AIG Scrambles... (September 15, 2008)
- J.C. Flowers & Co's proposal would have allowed the firms to acquire AIG for $8 billion under certain conditions, which would be one-fourth of AIG's current market valueWSJ: AIG Scrambles... (September 15, 2008)
- Asked the Federal Reserve for a $40 billion bridging loan from the Federal ReserveMarket Watch: In Focus (September 15, 2008)
- Granted $85 million loan by Fed on September 16, 2008
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The Mahalo Top 7
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Fox Business: The Story Now Turns to AIG
briansullivan.blogs.foxbusiness.com (September 15, 2008) -
The New York Times: Fed to Give AIG $85B Loan, Take 80% Stake
nytimes.com (September 16, 2008) -
Bloomberg: Fed Said to Reverse Stance, Consider AIG Loan Package
bloomberg.com (September 16, 2008) -
Bloomberg: AIG Falls After Failing to Give Plan to Save Rating
bloomberg.com (September 15, 2008) -
Guardian: Wall Street mauled by Lehman bankruptcy, AIG fears
guardian.co.uk (September 15, 2008) -
CNN Money: Stocks tumble on Lehman, Merrill, AIG
money.cnn.com (September 15, 2008) -
YouTube: AIG's Historic Plunge (Time: 2:38)
youtube.com
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Fox Business: The Story Now Turns to AIG
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Questions and Answers About AIG Bankruptcy | View All | Ask a Question
View All AIG Bankruptcy Questions (102) | Ask a QuestionWas there inconsistency in deciding too saving AIG but not Lehman? (1 Answer)Lehman was technically not regulated and AIG was because it was regulated as an insurance company...there were many inconsistencies that will be debated for many years...also, AIG was placed into ... read moreHow will the risks associated by the AIG mortgage risk investments be distributed? (1 Answer)Some risk accrues to stockholders and creditors. A small loss might only cost stockholders money. A medium sized loss could wipe out equity and some debt might not be repaid. ... read moreWhat is a prearranged bankruptcy? (1 Answer)From a Tri-City Herald article on Charter: In a prearranged bankruptcy, a company enters into reorganization with a plan to emerge that has the approval of major stakeholders. read moreHow is life in Iceland after the bankruptcy? (1 Answer)I read from the paper that it's a great time to travel there these days; most of the hotels, etc are 50% cheaper than usual. read more
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