Fed chooses Morgan Stanley to drum up AIG rescue plan
AIG AIG addressee indicator group (US DoD)
AIG American International Group, Inc
AiG Answers in Genesis (religious group in defense of Scripture)
AIG Artificial Intelligence Group
AIG Australian Industry Group went cap in hand to the Federal Reserve to plead for temporary funds of up to $40bn (?22bn) yesterday as it made urgent efforts to avoid following Lehman Brothers Lehman Brothers Holdings Inc. (NYSE: LEH), founded in 1850, is a diversified, global financial services firm. It is a participant in investment banking, equity and fixed income sales, research and trading, investment management, private equity, and private banking. into financial oblivion.
The Federal Reserve appointed Morgan Stanley To comply with Wikipedia's , the introduction of this article needs a complete rewrite. to look at all options for the troubled insurer and unconfirmed reports last night suggested that the central bank was pressuring JP Morgan and Goldman Sachs The Goldman Sachs Group, Inc., or simply Goldman Sachs (NYSE: GS) is one of the world's largest global investment banks. Goldman Sachs was founded in 1869, and is headquartered in the Lower Manhattan area of New York City at 85 Broad Street. to step forward with loans to keep the insurer afloat.
AIG, which employs 106,000 people, has lost billions on bad investments and is at risk of suffering a downgrade in its credit rating which would endanger its ability to provide credible insurance. Its shares had collapsed 60% by the end of the day, diving by $7.38 to $4.76.
Making desperate attempts to shore up the 89-year-old company, AIG's executives are looking for Looking for
In the context of general equities, this describing a buy interest in which a dealer is asked to offer stock, often involving a capital commitment. Antithesis of in touch with. buyers for large chunks of the group including its aircraft leasing arm and its US car finance business.
The company approached the world's richest man, Warren Buffett Warren Buffett
Known as "the Oracle of Omaha," Buffett is Chairman of Berkshire Hathaway and arguably the greatest investor of all time. His wealth fluctuates with the performance of the market, but for the last few years he has been reported to be worth over $30 billion, making , but talks with the Nebraska-based tycoon appeared to be shortlived.
The governor of New York New York, state, United States
New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of state, David Paterson, attempted to ease AIG's ability to raise money by granting an opt out from certain insurance laws so that the group could dip into its regulated subsidiaries' reserves to raise some $20bn.
"We think we can allow them to go into their own subsidiaries to grant a bridging loan to themselves to access $20bn," said Paterson, who suggested this could make it more viable for white knights to swoop in with further capital.
The New York-based firm, which is shirt sponsor to Manchester United, was built over a 30-year period by veteran insurance boss Hank Greenberg who retired in an accounting scandal in 2005. More than four million people in Britain have policies with AIG, but few will realise it. The company is the leader in "white-labelled" insurance cover sold under several household brands including Argos, the AA, Boots, Comet and Sainsbury's.
The New York Times reported that sources close to AIG fear the company could go out of business within 48 to 72 hours if Standard & Poor's makes good on a threat to downgrade its ratings.
AIG is far from the only major US company engaged in a last-ditch fight for survival. Shares in the Seattle-based savings and loans savings and loan n. a banking and lending institution, chartered either by a state or the Federal government. Savings and loans only make loans secured by real property from deposits, upon which they pay interest slightly higher than that paid by most banks. bank Washington Mutual slumped by 15% on fears that it faces catastrophic defaults on mortgages. Another bank, Wachovia, faces similar issues arising from its acquisition of a large mortgage lender, Golden West Financial, in 2006.