Tuesday, September 16, 2008

Wall Street giveth...

...and Wall Street taketh away. Also saw over at Eschaton that AIG is trading WAAAAYYYY DOWN. And they ain't even rang the bell yet.

New York Allows A.I.G. to Lend Itself Money - NYTimes.com
Major credit ratings agencies downgraded the American International Group late Monday, worsening its financial health, as Federal Reserve officials and two leading investment banks were in urgent talks to put together a $75 billion line of credit to stave off a crisis at the company.

The credit downgrades are likely to force the company to turn over billions of dollars in collateral to its derivatives trading partners.
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