Insurer Said to be Looking for Third Bailout
The Dow Jones Industrial Average hit a 12-year low yesterday in touching the 7105-mark on heavy volumes while Toronto’s TSX hit a 6-year low at 7640 and Tokyo’s Nikkei hit a 27-year low overnight. Global equities, furthermore, were sent into a tailspin yesterday on news reports that American International Group, rescued twice last year by the U.S. government, could be coming to the U.S. Treasury, cap in hand, asking for more cash. A source familiar with the situation is reporting that the firm is facing a potential fourth quarter loss in the range of $60B USD, which, if true, would mark the largest single quarter loss in corporate history, dwarfing even Time Warner’s 2002 disaster of $54B in a three-month period. Read Full Article »
