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AIG Posts Another Massive Loss: Bailout News Round Up

15 stories are on the inside to save space on the front page.


SAN FRANCISCO (MarketWatch) — American International Group Inc. reported a $2.4 billion quarterly loss on Friday after unveiling more than $4 billion of restructuring-related charges as the insurer continues its efforts to repay a massive U.S. government bailout.



NEW YORK (MarketWatch) — American International Group Inc.’s third-quarter loss reported Friday probably didn’t lift taxpayer’s hopes much.

Unlike GM, however, AIG never had the benefit of a bankruptcy process to restructure itself. It’s had to make its asset sales and balance-sheet maneuvers in full view of the public. There was no judge to turn creditor claims into nickels on the dollar.



Bernanke Unleashes Bond Sales as Yields Drop to Record Low



Obama Concedes Economy Isn't Producing Enough Jobs

WASHINGTON — President Barack Obama says he's pleased with healthier job growth, but concedes the economy isn't producing enough jobs to accommodate people in need of work.

Speaking after the November jobs report came out, Obama said he's "open to any idea, any proposal" that will help jumpstart the economy. He also said the country cannot afford two more years of partisan gridlock in Washington.



Coconuts removed from trees in preparation for Barack Obama's India trip

India is preparing for Barack Obama's first visit to the country by removing coconuts from palm trees in Mumbai to protect the US president.



How Ireland could derail Bernanke’s plans

WASHINGTON (MarketWatch) — Reading Ben Bernanke’s defense of the Federal Reserve’s $600 billion bond buy, it’s striking how much emphasis he put on the wealth effect and stock market gains in particular.

The central bank chairman didn’t mention how the dollar has dropped since he laid out in Jackson Hole, Wyo. the Fed’s plans to buy billons if not trillions of dollars in U.S. government bonds.  The dollar has dropped about 7%, the S&P 500 has gained about 14%.



Federal Reserve Rains Money On Corporate America -- But Main Street Left High And Dry

Bill Gross will be one of the few to benefit from the Federal Reserve's announcement this afternoon.  The legendary money manager, who oversees more than $1.2 trillion at Pacific Investment Management Co., stands to profit off the plan hatched by the nation's central bank.



Another Nobel Economist Says We Have to Prosecute Fraud Or Else the Economy Won't Recover

As economists such as William Black and James Galbraith have repeatedly said, we cannot solve the economic crisis unless we throw the criminals who committed fraud in jail.

And Nobel prize winning economist George Akerlof has demonstrated that failure to punish white collar criminals - and instead bailing them out- creates incentives for more economic crimes and further destruction of the economy in the future.



Street to Treasury on QE



BofA Doublespeak

By James Kwak



The Fraud Started At the Very Top: With Government Leaders

The government's entire strategy  now - as during the S&L crisis - is to cover up how bad things are.  But it is not only a matter of covering up fraud that has already happened. The government also created an environment which greatly encouraged fraud.



Foreclosure-Gate Related Disruptions at American Bankers Association Annual Meeting

The first signs that Foreclosure-Gate can lead to problem protests for bankers came earlier this week in Boston.  Tuesday morning, three women dressed as bankers, from a group they identified as the "Alliance to Develop Power"– TC Eckstine, Jamie Sadiq, and Caroline Murray – took turns interrupting the plenary session of  American Bankers Association annual meeting.  Over 1,000 bankers were in attendance at the event which took place in the Hynes Convention Center in Boston.



Scariest speed camera of all... It checks your insurance, tax and even whether you are tailgating or not wearing a seatbelt -- PHOTO



Nasa spacecraft survives closest ever encounter with comet after flying within 435 miles... and sends back incredible image to prove it



It's raining Benny bucks...looks like he was using silver for this drop...




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Reader Comments (3)

Whatever happened to "king dollar"? He may have abdicated.

The dollar is falling faster than the temperatures outside, down almost 3.5 percent since the G-20 meeting late last month, and yet Treasury Secretary Tim Geithner -- the alleged supporter of a "strong dollar policy" -- can't be found.

Even Ben Bernanke, the official banker for the Treasury and the lead culprit in weakening the greenback with QE2, complains he's been left all alone to sort out the monumental mess of the economy while Geithner flits quietly to Asia and Silicon Valley for private sit-downs far from the public eye.

Read more: http://www.nypost.com/p/news/business/it_to_donuts_RfbK2uRtJe5OdraYpvVpPJ#ixzz14QT2nmeq
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