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The Financial Crisis: This Day—One Year Ago, Sept. 17, 2008
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Wednesday—the crunch goes on.
AIG [AIG
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], racing against the clock to avoid a bankruptcy filing, makes a deal with the Federal Reserve for loans up to $85 billion in exchange for a 79.9 percent stake in the insurer. Former Allstate Chief Executive Edward Liddy will replace Robert B. Willumstad as CEO.
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] North American investment banking and capital markets businesses, its New York headquarters and two data centers for about $1.75 billion. The New York Fed provided at least $87 billion to help underpin trades with Lehman in an effort to shore up the financial system, released court documents show.
What You Were Reading:
- McCain Softens His Opposition To AIG Bailout
- Full Story: AIG to Get $85 Billion, Give Up 79.9% Stake
- Poll: Was the Govt Wrong to Bail Out AIG?
Morgan Stanley [MS
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] officials are weighing whether the firm should remain independent or merge with a bank, reports avid Faber and Charlie Gasparino. Later today, Wachovia and China's Citic emerge as possible merger partners. (Eventually, Wachovia will be acquired by Wells Fargo [WFC
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].)
Struggling savings-and-loan Washington Mutual has put itself up for auction, The New York Times reports. (JPMorgan Chase [JPM
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] will eventually buy most of WaMu.)
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On the political side, new rules aimed against abusive "naked" short selling of stock in all publicly traded companies are issued by the Securities and Exchange Commission. The new rules, which include a requirement to deliver a security by the settlement date, are effective the very next day.
Stocks end the day at a three-year low as the Dow falls nearly 450 points. All 30 Dow components lose for the day, as do 90 of the 100 stocks in the tech-heavy Nasdaq index. The lS&P 500 scrapes lows it last touched in May 2005. Crude oil prices surge.
What the Experts Were Saying:
David Faber and Charlie Gasparino look at Morgan Stanley's fate.
As the market digests the $85 billion AIG bailout, how do you keep your money safe? Benjamin Halliburton of Tradition Capital Management and Al Goldman of Wachovia Securities offer investor advice.
Pimco's Mohamed El-Erian offers his insight into AIG and the financials.
- Critical elections are scheduled for Greece in June. Here are some of the players and their roles.
- 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
