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Former Allstate CEO Edward Liddy will be the new CEO of AIG, which was rescued by an $85 billion loan from the Fed, in exchange for an 79.9% stake in itself.
The unprecedented government rescue of insurance giant AIG calms the market's angst, but the question is whether credit markets will cooperate with the Fed and what other shoes are there left to drop.
American International Group will avoid bankruptcy with the help of an $85 billion bridge loan from the federal government, in exchange for an 80 percent stake in itself, sources told CNBC.
Plus, debating Merrill Lynch CEO John Thain's potential severance package.
Cramer makes the call on viewers' favorite stocks.
The Bond kings react to the Fed leaving the interest rate unchanged at 2 percent, while Morgan Stanley reports strong earnings numbers. Following are today's top videos:
Given the considerable crossover between the banks—especially in investment banking groups such as fixed income, equities and leveraged finance—and the $7 billion in cost savings that BofA has already identified, there will certainly be several thousand job cuts announced at both firms in the next few months.
Stocks rallied at the close after the Federal Reserve held the line on interest rates and investors were encouraged that Lehman Brothers and American International Group might work out deals to improve their perilous financial situation.
Bank of America added another slice to its growing financial services empire, buying Merrill Lynch in a $50 billion deal that would create a bank offering everything from fixed-income trading to credit card lending
The market got slaughtered Monday and opened lower Tuesday morning amid turmoil on Wall Street. Lehman Brothers collapsed, Merrill Lynch agreed to be bought by Bank of America and major problems surfaced at insurance giant AIG. To help investors sort through the mess, CNBC asked the heavyweights to weigh in.
If no private equity bridge loan: 20 percent chance that a sov. wealth fund or private equity would offer a high interest rate loan with an option to buy the entire company at a price above the present market value.
There are now opportunities to buy oversold stocks in every sector, says Christian Gattiker-Ericsson, strategist at Julius Baer. "The market is discerning between the winners and losers -- and not just in financials," said Gattiker-Ericsson.
There are safety nets to catch you, but how much protection you have depends largely on the kind of assets you own and where you hold them, be they certificates of deposit, a pension plan or a checking account.
Lehman falls, Merrill is sold, and more fallout is likely ahead. Wall Street has likely changed forever, says the New York Times.
U.S. stock index futures dropped as fears mounted over the capital position of American International Group.
If you're a client of Lehman, Merrill or AIG, what should you do? The New York Times has some ansers.
The options market is signaling that the stock market is in for more volatility ahead, according to an options expert.
Don't expect the central bank to cut interest rates on Tuesday at its regularly scheduled FMOC meeting following the Lehman Brothers-Merrill Lynch-AIG developments, even though that's the action it took in March when Bear Stearns was on the ropes.
Markets bleed red all over the region Tuesday, with Japan's Nikkei losing 5% and South Korea's KOSPI shedding 6%, as upheaval on Wall Street fueled investor uncertainty about a spillover into Asia.
The already roiled markets have a new fear: the survival of AIG.