Government rescues AIG with 85 billion dollar stake
The United States injects 85 billion dollars into American International Group, taking a 79.9 percent stake and the power to remove senior management. Edward Liddy is named to head AIG, replacing Robert Willumstad. The Fed provides an 11.5 percent two year loan as markets wobble. AIG plans asset sales to repay the loan.
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Washington
U.S
American International Group Inc
AIG
Robert Willumstad
Edward Liddy
Federal Reserve
Fannie Mae
Freddie Mac
Treasury Department
Fed holds rates as markets reel from Lehman rescue
The Federal Reserve kept the federal funds rate at 2 percent amid ongoing market turmoil sparked by Lehman Brothers bankruptcy and Merrill Lynch sale. Officials signaled not to rule out later cuts but did not promise action, citing significant downside growth risks and inflation risks.
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Washington
Federal Reserve
Ben Bernanke
Central Bank
Wall Street
Lehman Brothers
Merrill Lynch
Bank of America
American International Group
Fed
Offshore drilling faces Senate after House vote
The House approved 236 to 189 a measure to open waters 50 miles offshore from the Pacific and Atlantic coasts to oil and gas development with state consent. Senate leaders plan to shape the bill, likely limiting expansion beyond the western Gulf of Mexico and considering varied proposals from Virginia to Georgia to Pacific regions.
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GOF
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Bush
Nancy Pelosi
D-Calif
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