Word: aig
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...highest yields on CDs are GMAC, the financing arm of the carmaker GM; Corus, a Chicago bank that has lost substantial money on construction loans; Wachovia, the Charlotte, N.C., bank whose sale to Wells Fargo was brokered by regulators in October; and the bank affiliate of the insurance company AIG, which the Federal Government started bailing out in September...
...Henry. In the throes of the biggest auto swoon since 1931, the headmen of Detroit go hat in hand to Washington to try to keep their once mighty industry upright for a couple of months and are treated as if they had invented the four-wheel-drive subprime mortgage. AIG torpedoes the entire economy and gets a $150 billion handout; Citigroup takes risks no sane manufacturing company would even contemplate and is rewarded with a $20 billion federal bailout. And the car guys...
...spurred the Office of Career Services to propose changes to the timeline of the interview process. Along with Yale, Harvard holds its recruiting season several weeks after most other law schools in the country. This year, several events including Lehman Brothers’ bankruptcy and the government bailout of AIG shook up financial markets in between the two recruiting seasons, causing firms that ordinarily reserve spots for Harvard students to reduce the number of hires...
...adequately explain the systemic risks that lie behind the decisions to spend billions of taxpayer dollars. The three of you, before Congress and in the press, have spent a lot of time asserting that those risks were there, but I don't think you've ever really explained them. AIG, for example, is now getting $150 billion of our money. But it would actually be nice to know, specifically, why that's the case - and yes, please, bore me with details. Lots and lots of them. The chucklehead brigade on cable news and in the blogosphere may make...
...President or nominee for the past 20 years, Geithner's politics are more moderate. Once a registered Republican, he is now an independent, and his instincts are also more opaque. He tried and failed to arrange a private buyout for Lehman Brothers in September and led the $152.5 billion AIG bailout, which proved to be far more expensive than the current Treasury Secretary, Henry Paulson, had anticipated. But Geithner has withheld judgment in public on key issues, like an ambitious program to modify bad home loans that has run into opposition from White House conservatives. He owes his present...