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Dick Fuld and Robert Willumstad missed plenty of chances to save their firms. Now one company is gone and the other is in danger of collapse.
American International Group, which is seeking up to $40 billion in bridge financing from the Federal Reserve, is no longer in talks to receive help from billionaire investor Warren Buffett, CNBC has learned.
It would be a "tragedy" if the government let this company fail, he says.
Don't count on Warren Buffett to "rescue" AIG as its white knight. A few minutes ago, CNBC's David Faber reported on the air that Buffett is "no longer" in talks with the insurer "about an investment or anything else."
Troubled insurance giant American International Group has hired JP Morgan Chase to advise on raising new capital or come up with some kind of deal that infuses the company with enough money to prevent a possible dowgrade, CNBC has learned..
Investors skittish about further losses in the financial industry have pounced on the American International Group, the beleaguered insurance company that has reported some of the biggest losses in the spreading credit crisis, said the New York Times.
While the financial sector looks gloomy as Lehman Brothers continues its search to find a suitor, there are still attractive companies in the sector, Wouter Weijand, chief investment officer for high income equity of Fortis Investments, told CNBC Friday.
Are you paying PMI to your lender? Might be time to shop for a new mortgage.
Former AIG Chairman and Chief Executive Officer Hank Greenberg and other former executives at the insurance giant have reached a settlement with a shareholder group suing them, a source close to the matter has told CNBC.
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A Berkshire Hathaway subsidiary's move to stop insuring bank deposits above federal limits apparently reflects Warren Buffett's worries about future bank failures. Several reports say that Kansas Bankers Surety in Topeka is getting out of the business of backing deposits above the $100,000 limit guaranteed by the Federal Deposit Insurance Corp. for many bank accounts. And the Wall Street Journal says this morning that the decision came from Buffett himself. "Two people briefed on the matter said the order was made Monday by Mr. Buffett."
As job losses in the United States have leaped, a second economic stimulus package has become “warranted and necessary,” House Majority Leader Rep. Steny Hoyer (D-Md.) told CNBC Monday.
John Sullivan, the Director of Research at Lerrink Swann, which specializes in healthcare stocks, says there is a potential trading opportunity in the sector related to F & F.
Settlement negotiations between lawyers representing former AIG chief Hank Greenberg and the New York Attorney General are at a stalemate.
Cheaper medications await if you know where to look.
Analysts say Gustav’s punishing blow to the Louisiana coastline Monday will cost nowhere near as much as Katrina three years ago, the New York Times reports..
If you're not covered, this is what you need to do now.
After the closing bell Monday, Eli Lilly and Amylin Pharmaceuticals announced that they're going to hold a conference call for analysts and investors about their diabetes drug Byetta. Why?
As we head into my last free summer weekend before USC's football season kicks off, I wanted to clean out the Pharma's Market mailbox. (Actually I was looking for an apropos-of-nothing excuse to mention the Trojans.)
The market cap of Dow component Johnson & Johnson is a whopping $200 billion. Abbott Labs is valued at less than half that. But think of ABT as kind of a mini-me JNJ because like Johnson & Johnson, ABT has cobbled together a similar three-siloed business of drugs, devices and consumer products.
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