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The Financial Crisis: This Day—One Year Ago, Sept. 12, 2008
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A frantic Friday.
AIG [AIG
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] says it is hiring JP Morgan Chase [JPM
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] to advise it on raising new capital or devising a deal that infuses the insurer with enough funds to prevent a downgrade by ratings agencies, Charlie Gasparino reports. A plan could be announced this weekend, say two sources with "direct knowledge" of AIG's efforts.
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] in its drive to raise capital or otherwise bolster its balance sheet. The firm might also sell assets, Gasparino says. AIG CEO Bob Willumstad has been planning to announce a major reorganization of the firm on September 25, but suddenly, developments have overtaken that schedule and a revamp seems imminent.
For Lehman Brothers [LEHMQ
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] , the race against time goes on; the firm seeks to sell itself before the end of the weekend as the bad debt on its books unsettles investors.
What You Were Reading:
- Lehman Deal Might Not Be Resolved This Weekend
- AIG Seeking to Boost Capital to Avoid Downgrade
- Poll: Should US Bail Out Lehman?
Washington Mutual, America's biggest savings-and-loan, is also in desperate need of a buyer. Moody's Investors Service cuts WaMu's credit rating to "junk'' status. CNBC reports that JP Morgan is interested in buying a piece of WaMu, but that the two firms are not yet in advanced talks. (JPMorgan Chase will end up acquiring WaMu en toto.)
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The Dow, S&P and Nasdaq close the day flat, partly because traders bid up General Motors in the belief that the auto sector will be the next to be bailed out.
Crude oil prices dip below $100 a barrel before settling at $101.18 amid concerns about Hurricane Ike, barreling toward the Texas Gulf Coast. Oil has shed $5 a barrel this week, its second straight week of decline. Crude is now off about 30 percent from its record close of $145.29 on July 3.
What the Experts Were Saying:
Mohamed El-Erian, Pimco co-CEO & CIO discusses Lehman Brothers' weekend of destiny with Maria Bartiromo.
Should the Fed rescue Lehman if no deal is reached? Sen. Richard Shelby (R-Ala.) isn't so sure.
What if Lehman isn't saved or acquired? David Kotok, Cumberland Advisors chairman and CIO, outlines the risk to the financial system.
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- Our financial system is still not designed to meet the needs of poor families, says this author.
- Statistics show there aren’t many women billionaires compared to their male counterparts. Why?
- Click to see various forms of funding and what entrepreneurs have used to build successful companies.
- Here are some of the most expensive hotels in the world to book. And we mean expen$$ive.
- Always drink responsibly and when you do, try one of these more unusual and tasty drinks. Cheers!
Data is a real-time snapshot *Data is delayed at least 15 minutes
