Word: aig
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...What a difference a financial crisis makes. After the worldwide economic boom went bust, demand abruptly evaporated for many commodities. The Dow Jones - AIG commodity price index has shed more than half its value since mid-2008. The most visible turnaround has been in oil. A year ago, Western governments were pleading with Persian Gulf oil states to ramp up production as oil sped toward $150 a barrel; today, OPEC is twisting off the spigot in an attempt to support crude prices around $50. Some experts believe prices may stay depressed for years to come, due to greater energy efficiency...
...AIG (AIG) is another stock which has traded in the pennies since the beginning of 2009, even though it was the premier insurance company in the world just four years ago. Shares short in AIG fell 3% during the most recent period to 278 million, against an average daily volume of 125 million shares. Eleven percent of the financial firm's float is now sold short. AIG's stock can more up or down 15% on any given day based on information about whether the government will have to add to its $13o billion commitment to the firm and news...
What a difference a financial crisis makes. After the worldwide economic boom went bust, demand abruptly evaporated for many commodities that go into the production of houses, cars, computers, and all kinds of durable goods. The Dow Jones-AIG commodity price index has shed more than half its value since mid-2008. Due to falling metal prices, BHP Billiton in January announced the mothballing of an Australian nickel mine only eight months after it officially opened. The most visible turnaround has been in oil. A year ago, Western governments were pleading with Persian Gulf oil states to ramp up production...
...told me. "The banks don't want to take the haircut, and the hedge-fund managers" - who would partner with the government to buy the assets - "are afraid that if they start making big money on this, Congress is going to whack them the way it did on the AIG bonuses. If this plan doesn't work, it's going to take a much longer time to get out of the recession. And if it takes longer to get out of the recession, the President won't have nearly the revenues he needs to fund his domestic priorities...
...AIG debacle aside, the rotten apple in our culture is the notion that executives are able to "create" value that is worth astronomical multiples of that created by the daily toil of ordinary members of our society. We have lost our sense of proportion. Jim Williams, Castle Rock, Colo...