Wednesday, September 17, 2008

Fed Bails Out AIG; WaMu Next?

The Federal Reserve has bailed out American International Group (AIG) and now owns nearly 80% of the ailing insurance giant.
And the AP says the Feds are currently trying to organize a buyout of Washington Mutual, which has been among the lenders hardest-hit by the mortgage crisis.
The Financial Times notes that AIG paid its chief executive about $61 million when it fired him earlier this year, after he had lost them more than $30 billion.

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