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Politics : President Barack Obama -- Ignore unavailable to you. Want to Upgrade?

To: ChinuSFO who wrote (32982)	9/16/2008 7:51:17 PM
From: nigel bates	Read Replies (1) \| Respond to of 149317

I heard conservatorship.

To: ChinuSFO who wrote (32982)	9/16/2008 8:05:24 PM
From: tejek	Respond to of 149317

AIG got raped but who cares.....the futures are up and we rally tomorrow! AIG to Get $85 Billion Loan, Give Up 80% Stake By CNBC.com \| 16 Sep 2008 \| 08:01 PM ET American International Group will get an $85 billion bridge loan from the federal government in exchange for an 80 percent stake in itself, sources have told CNBC. Sources said the loan, which will allow AIG to avoid bankruptcy, will be secured and include incentives for quick asset-sales by AIG. The deal severely dilutes existing shares in the company. AIG has been racing the clock to avoid a bankruptcy filing on Wednesday, making efforts to work out a deal with the Federal Reserve to shore up its finances. Treasury Secretary Henry Paulson and Federal Reserve Chairman Ben Bernanke met with Senate and House leadership Tuesday night to discuss how to assist AIG, sources said. The Fed's financial aid to the troubled insurer marks a reversal of its decision on Monday to refuse a bridge loan to AIG. The Fed met with the company's advisers throughout Tuesday and came to a better understanding of what is needed to help the company through its current crisis, people familiar with the negotiations told CNBC. Bloomberg reported late Tuesday that the Fed was considering some kind of conservatorship for AIG—which would mean bringing in an outsider to run the company. But sources told CNBC that no legal authority exists for such an arrangement. AIG [AIG 3.75 -1.01 (-21.22%) ] shares swung wildly all day Tuesday in heavy volume. The shares, which are a component of the Dow Jones Industrial Average, at one point were down more than 50 percent in the wake of a cut in the insurer's credit rating, which only served to heighten the concerns that it would file for bankrupcy and further upset the troubled global financial system. The plunge in AIG shares has been the biggest drag on the Dow this week. Latest in a String of Victims AIG, one of the world's largest insurers, is the latest company to be convulsed by a mortgage and credit crisis that this week led to a bankruptcy filing by Lehman Brothers Holdings [LEH 0.30 0.09 (+42.86%) ] and the sale of Merrill Lynch [MER 22.18 5.12 (+30.01%) ] to Bank of America [BAC 29.55 3.00 (+11.3%) ]. AIG late Sunday asked the Federal Reserve for help, including a possible "bridge" loan to tide it over while it pursues asset sales and capital raising. The Fed refused. -http://www.cnbc.com//id/26747020?__source=yahoo%7Cheadline%7Cquote%7Ctext%7C&par=yahoo