Word: aig
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...Indeed, even without the $700 billion bailout, Paulson has already written some big checks - to cover the subsidized sale of Bear Stearns to JPMorgan, the nationalization of mortgage monsters Fannie Mae and Freddie Mac, the bailout of insurance giant AIG and the sales of Washington Mutual to JPMorgan and Wachovia to Citigroup. All of this will cost somewhere between $200 billion and $300 billion...
...some kind of bailout. But the overwhelming majority is against it." She cites one letter as representative of the bile poured forth against the bailout: "I live on $23,000 a year. Why should I be asked to bail out a bunch of overpaid greedy heads of companies like AIG, Freddie Mac or Fannie Mae? ... If you're going to pass this bill, then it is only right that you the government pay off my mortgage. All of you ran back to Washington and took care of these overpaid CEOs, but when gas went up to $4 a gallon...
...falls to your state to guarantee your policy. State limits vary, which is why it generally pays to do business only with insurance firms that rating agencies regard as investment-grade and that have long track records of paying claims in good times and bad - you know, like AIG. In other words, aim for big and reputable, the kind of firm likely to get bought up (or bailed out) if it runs into trouble...
...endangered financial institutions are commercial banks. The Federal Government has clearly defined that authorities take them over, merge them out of existence or shut them down - whereas it had to make things up as it went along with investment banks Bear Stearns and Lehman Brothers and insurer AIG. That's why the demise of giant banks Washington Mutual and Wachovia, arranged over the past week by the FDIC, occurred in a far more orderly fashion than the non-bank meltdowns...
...fire sale price; he has forced the board of Fannie Mae to enable a government takeover even though it meant devastation for shareholders; he has stared down Richard Fuld at Lehman Brothers, who thought he could bluff Paulson into saving the firm; and he has negotiated brutal terms with AIG to save them from outright failure with a government bailout...