US government rescues insurer AIG: related news

US government rescues insurer AIG

The US Federal Reserve has announced an $85bn (£48bn) rescue package for AIG, the country's biggest insurance company, to save it from bankruptcy.

ACLU Creates Map of US "Constitution-Free Zone"

trackpick points out a recent ACLU initiative to publicize a recent expansion of authority claimed by the Border Patrol to stop and search individuals up to 100 miles from any US border. They have created a map of what they call the US Constitution-Free Zone. "Using data provided by the US Census Bureau, the ACLU has determined that nearly 2/3 of the entire US population (197.4 million people) live within 100 miles of the US land and coastal borders. The government is assuming extraordinary powers to stop and search individuals within this zone. This is not just about the border: This 'Constitution-Free Zone' includes most of the nation's largest metropolitan areas.'"

Banks pressed over AIG fund; Prudential seeks AIG assets

Banks are facing criticism over possible losses suffered by thousands of their private banking clients on a supposedly low-risk investment fund run by AIG. The AIG Enhanced Fund suffered a run of redemptions last month in the wake of the Lehman Brothers collapse and AIG’s bailout but investors have been able to liquidate only 50 per cent of their holdings. Seperately, Prudential is talking to potential overseas investors about helping it acquire some of AIG’s Asian assets, appointing Credit Suisse to sound out potential backers.

US government bails out insurer

The US Federal Reserve has announced an $85bn (£48bn) rescue package for AIG, the country's biggest insurance company, to save it from bankruptcy.

Government finishes negotiations on share purchase of 4 banks

The government has finished negotiations with four banks in the republic concerning the injection of extra capital and with all parties signing agreements on the amount of financing. According to the agreement, Alliance bank and Kazkommertsbank will receive over 300 million US dollars, Narodniy bank almost 500 million US dollars and BTA 2.3 billion US dollars annually. In its turn, the government will receive both simple and preference shares in the banks. The shares will be purchased at market prices in accordance with the rates quoted on the London and Kazakhstan stock exchanges. Kairat Kelimbetov noted that the “SamrukKazyna” fund is not going to interfere in the management of the banks and later, shareholders will be able to buy out the portfolio, having a state advantage.

US indicts UBS wealth management head

UBS suffered its biggest blow yet in the US investigation into its offshore banking activities for rich American clients as US authorities said they had indicted Raoul Weil, the Swiss bank’s head of global wealth management. The US Department of Justice indictment also said other senior unnamed UBS’s executives were involved as alleged “unindicted co-conspirators�. Separately, the indictment includes detailed allegations about how other, more junior, managers sought to circumvent US tax rules over a period of years. The DoJ claims Weil used the expression “toxic waste� to refer to the US business because of its acute sensitivity. In a statement Tuesday night, UBS said Weil would relinquish his duties pending resolution of the matter and said the bank was “fully committed� to continuing co-operating with the probe.

Movers: AIG, WaMu, Circuit City, Lennar, GE

American International Group (AIG) rose 0.28 to 5.00 after AIG suspends common stock dividend. Separately, CNBC's Charlie Gasparino reported that AIG told employees in a memo that they may lose money in a deferred savings plan, as the funds could go to paying off debts. Earlier, Reuters said AIG shares were higher as CEO Edward Liddy said late Monday on CNBC that he expected AIG to emerge from a federal bailout as a leaner, stronger co. S&P reiterates hold.

Toys "R"Us to Offer Apple iPod "For the First Time Ever"

The iPod phenomenon shows little signs of abating. A spokesperson from the giant, Wayne, NJ-based toys retailer Toys”R”Us informs us that, beginning this month, it will offer a “wide selection of Apple iPod products in all of its Toys”R”Us stores nationwide for the first time ever.” Those comments refer to the American Toys“R”Us outlets and Web sites only. Although iPods aren’t yet listed on America's Toys"R"Us Web site, they have been available through its U.K. affiliate (www.toysrus.co.uk) for well over a year. There's no word when (or if) iPods might become available in Canada through this retail channel.

BrazAlta Announces Private Placement of US$18.6 Million in BCH Ltd. And Provides a BCH Operational Update

BrazAlta Resources Corp. ("BrazAlta" or the "Corporation") (TSX VENTURE:BRX) is pleased to announce that its oilfield services subsidiary, BCH Ltd. ("BCH"), has completed a non-brokered private placement (the "Financing") of 4,474,999 Common Shares of BCH Ltd. ("BCH Common Shares"), at a price of US$4.163 per BCH Common Share for aggregate gross proceeds of US$18,629,421. BrazAlta Resources Corp. acquired 2,282,249 BCH Common Shares and Allis-Chalmers Energy Inc. ("Allis-Chalmers") acquired 2,192,750 BCH Common Shares in the Financing. BCH intends to use the proceeds from the Financing to pay down intercompany debt to BrazAlta (US$7.4 million), interest to Allis-Chalmers with respect to the previously announced US$40 million subordinated convertible debenture (the "Debenture") (US$3.

How To Build a Web 2.0 Government?

UltraAyla writes "With the announcement that President-Elect Obama will record his weekly address as a YouTube video to be posted at Change.gov, questions arise as to how an Internet-fueled candidacy based in part on a platform of government openness can begin to use technology to make government transparent. Aside from popular Slashdot policies, such as Net Neutrality, how do you think government (either in the United States or elsewhere) can best utilize technology to engage the public and make government more transparent and accessible?" Reader Rick Zeman points out a related New York Times story about how Obama will have to give up some of his communications gadgets because of the Presidential Records Act. Despite that, he apparently hopes to be the first US president to have a laptop on his desk in the Oval Office.

US Elections: What direction now for US space exploration?

US CONGRESSMAN Adam Schiff was touring Pakistan in May when NASA's Phoenix spacecraft touched down on Mars. He was struck by the glowing accounts of NASA's triumph that suddenly dominated the Pakistani newspapers. "In a country where there are such deep suspicions about what the US does, there was at least one area where the reaction was uniformly positive," says Schiff, whose district in California includes NASA's Jet Propulsion Laboratory, which built Phoenix. "And it's one area where the US shows that it is capable of doing great things."

HSBC chief hits at state bank bail-outs

The government-sponsored bail-outs of western banks risk rewarding management teams for failure and could distort the market, Michael Geoghegan, chief executive of HSBC, warned Monday in comments that reflected deep frustration at the UK bank, which, despite suffering heavy losses in the US mortgage market, has weathered the credit crisis in better shape than many of its rivals. However, HSBC executives acknowledged the rescues in the US and Europe were necessary to stabilise the banking system and restore credit flows. Geoghegan spoke as HSBC signalled in its Q3 trading statement that recovery in its US consumer finance division might take longer than the three years it initially forecast. Its bad debt charges in the US rose 24% over the previous quarter to $4.

US gives Iraq $13 million to fix looted museum

The US government has announced a $13 million grant mainly to help refurbish Iraq's National Museum which was looted in the aftermath of the US-led invasion in 2003, US officials said on Monday.

US to invest directly in banks: Paulson

WASHINGTON: The US government plans to invest directly in US banks for the first time since the Great Depression, Treasury Secretary Henry Paulson said Friday, expanding the focus of the government's 700-billion-dollar rescue plan.

US insurers can seek thrift charter to get state cash

Washington: US insurance companies trying to get access to government funding can apply for a bank or thrift charter at the same time as they apply for a cash infusion under the US government's Dh2,171.41 billion ($700 billion) financial services rescue package, two sources briefed on the matter said on Friday.

US to invest directly in banks: Paulson

WASHINGTON (AFP) - The US government plans to invest directly in US banks for the first time since the Great Depression, Treasury Secretary Henry Paulson said Friday, expanding the focus of the government's 700-billion-dollar rescue plan.

US to invest directly in banks: Paulson

WASHINGTON (AFP) - The US government plans to invest directly in US banks for the first time since the Great Depression, Treasury Secretary Henry Paulson said Friday, expanding the focus of the government's 700-billion-dollar rescue plan.

US to inject $125bln into major banks this week: Treasury

Nine major US banks will receive 125 billion US dollars in capital injections this week from the US government, a Treasury official said Monday.

US gives Iraq $13 million to fix looted museum

BAGHDAD, Oct 21 (Reuters) The US government has announced a 13 million dollars grant mainly to help refurbish Iraq's National Museum which was looted in the aftermath of the US-led invasion in 2003, US officials said.

US studying features of Islamic banking

(MENAFN - Arab News) The US government is currently studying the salient features of Islamic banking to ascertain how far it could be useful in fighting the ongoing world economic crisis, Robert M. Kimmitt, US deputy secretary of the Treasury, said at a press conference held at the US Embassy here yesterday.

US plans to inject capital into banks: Paulson

WASHINGTON (AFP) - Treasury Secretary Henry Paulson said that the US government planned to invest directly in US banks to prevent them from failing, expanding the focus of the government's 700-billion-dollar rescue plan.

Government Begins Securing Root Zone File

Death Metal notes a Wired piece on the US government beginning the process of securing the root zone file. This is in service of implementing DNSSEC, without which the DNS security hole found by Dan Kaminsky can't be definitively closed. On Thursday morning, a comment period will open on the various proposals on who should hold the keys and sign the root — ICANN, Verisign, or the US government's NTIA.

How US Schools' Culture Stifles Math Achievement

Zarf writes "I'd like to file a bug report on the US educational system. The New York Times reports on a recent study that shows the US fails to encourage academic talent as a culture.'"There is something about the culture in American society today which doesn't really seem to encourage men or women in mathematics," said Michael Sipser, the head of M.I.T.'s math department. "Sports achievement gets lots of coverage in the media. Academic achievement gets almost none."' While we've suspected that the US might be falling behind academically, this study shows that it is actually due to cultural factors that are devaluing the success of our students. I suspect there's a flaw in the US cultural system that prevents achievement on the academic front as valuable.

Toys "R"Us to Offer Apple iPod "For the First Time Ever"

The iPod phenomenon shows little signs of abating. A spokesperson from the giant, Wayne, NJ-based toys retailer Toys”R”Us informs us that, beginning this month, it will offer a “wide selection of Apple iPod products in all of its Toys”R”Us stores nationwide for the first time ever.” Those comments presumably refer to the American (and possibly, the Canadian) Toys“R”Us outlets and Web sites only. Although iPods aren’t yet listed on either country’s Web sites, they have been available through its U.K. affiliate (www.toysrus.co.uk) for well over a year.

The Kuwaiti government must not waste time to impose control on local banks

THE financial crisis currently lashing both the United States of America and the United Kingdom (UK) has aggravated to such an extent the US administration has no choice but to step in with a bailout package of $700,” columnist Nasser Al-Otaibi wrote for Al-Seyassah daily Wednesday. “Needless to say this financial crisis can be attributed to a defect in the US banking system. In this context, we elucidate the US banks had given a lot of loans to the US citizens to enable them to meet their requirements such as the purchase of real estate and homes at high interest rate.

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