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Lehman Collapse, AIG how?
- Thread starter ThePlen
- Start date
Then those ppl who brought the Man U replica shirts are screw. The AIG logo would hav to take down. Then Man U will produce new replica shirts with the new sponsor on it.
Bank of Japan injects US$15b into money markets
Posted: 16 September 2008 1402 hrs
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TOKYO: The Bank of Japan on Tuesday afternoon injected another one trillion yen (US$9.6 billion) into money markets, its second infusion of the day aimed at containing market turmoil.
Japan's central bank said on its website that it had injected the funds after putting 1.5 trillion yen into the financial system earlier in the day.
It was the biggest single-day infusion of funds by Japan's central bank since March, according to Jiji Press.
The total fund injection amounted to 2.5 trillion yen (US$15 billion).
- AFP/yb
let see how much our government going to inject to stabilise our market.
the government will raise prices first before the inject funds.....this is what they called by LONG TERM INVESTMENT
This one is the next on the Line....
All the days of sex partying finally are over....good riddance to those scums...lol..
While for the moment, I'm glad I haven't got anything from them, I dread to anticipate what bad news the more "conservative" guys like Prudential may come up with.
Only some travel insurance for my two luggage bags in Australia. I don't expect it to be worth much.
Insurance giant AIG sinking under credit downgrades
Posted: 16 September 2008 1646 hrs
NEW YORK: US insurance giant American International Group failed Monday to convince credit agencies of its financial well-being, forcing it into a race against the clock to find a multi-billion-dollar infusion to stay afloat.
In blow after blow late Monday, the three main rating agencies -- Standard & Poor's, Moody's and Fitch -- lowered AIG's credit score.
Bottom line: they judge the solvency of AIG, the largest US insurer, with a global reach, at risk.
As a consequence, AIG will need to raise more capital to survive, although it already has sought billions of dollars to keep it going.
The Wall Street Journal reported Tuesday that people close to the situation say AIG may be forced into filing for bankruptcy if it cannot secure sufficient fresh funding by Wednesday.
"The situation is dire," an anonymous source close to AIG told the Journal.
The three ratings agencies gave essentially the same reasons for the downgrade: the US housing crisis, to which AIG is highly exposed, and its share freefall.
On Monday AIG shares plummeted 61 per cent to 4.76 US dollars; they have lost 93 per cent of their value in a year.
"The rating actions reflect Fitch's view that AIG's financial flexibility and ability to raise holding company cash is extremely limited due to recent declines in the company's stock price, widening credit spreads, and difficult capital market conditions," Fitch said in a statement.
Standard & Poor's Ratings Services lowered its long-term counterparty rating to 'A-' from 'AA-' and its short-term counterparty credit rating on AIG to 'A-2' from 'A-1+' according to a statement. Moody's downgraded AIG to 'A2' from 'AA3' and Fitch lowered its rating to 'A' from 'AA.'
Far more than other insurers, AIG has been a big player in a complex parallel market called credit default swaps (CDS), financial instruments in which Wall Street companies take out as a form of market insurance against the risks of bond default.
These products, often linked to the US real-estate market, are at the heart of the current banking crisis and have led to massive write-downs of assets around the world.
AIG alone has written down 25 billion US dollars amid spiking defaults on US mortgage payments in the United States.
In a filing with US market regulator, the Securities and Exchange Commission, AIG said it would need 13.3 billion US dollars to meet its CDS obligations, if S&P and Moody's lowered its rating a notch.
Moody's, in a dire warning, said that "further downgrades of the parent and certain operating units are likely if the immediate liquidity and capital concerns are not fully addressed. Such downgrades could amount to multiple notches."
After Wall Street investment bank Lehman Brothers filed for bankruptcy protection and peer Merrill Lynch was swallowed by Bank of America Monday, it looked like AIG may be the next domino to drop in the swiftly deteriorating US financial crisis.
The US Treasury, as it had done for Lehman, ruled out using taxpayer money to prop up the insurer.
The Wall Street Journal, citing people familiar with the situation, reported that the US Federal Reserve on Monday asked Goldman Sachs Group and JP Morgan Chase to help make 70-75 billion US dollars in loans available to AIG.
The stakes are high for a company that until only recently had been long considered the world's largest insurer. In the past year it has been battered by the global credit crunch and the worst US housing slump in decades.
AIG has 74 million customers worldwide, most of them American, who would find themselves without insurance if the company goes bankrupt. It employed 116,000 people in 130 countries at the end of 2007.
New York state has thrown the only lifeline of sorts to AIG, announcing Monday that the company can, in effect, loan itself 20 billion US dollars, by borrowing against its assets.
According to US media reports, among the assets AIG is hoping to sell is its aircraft leasing business, International Lease Finance Corporation, which has a fleet of 1,000 planes.
"Although some recoveries are likely, given continued depressed market values, it is unlikely that any gains will be recorded before late 2009 or 2010," S&P said.
- AFP/ir
Posted: 16 September 2008 1646 hrs
NEW YORK: US insurance giant American International Group failed Monday to convince credit agencies of its financial well-being, forcing it into a race against the clock to find a multi-billion-dollar infusion to stay afloat.
In blow after blow late Monday, the three main rating agencies -- Standard & Poor's, Moody's and Fitch -- lowered AIG's credit score.
Bottom line: they judge the solvency of AIG, the largest US insurer, with a global reach, at risk.
As a consequence, AIG will need to raise more capital to survive, although it already has sought billions of dollars to keep it going.
The Wall Street Journal reported Tuesday that people close to the situation say AIG may be forced into filing for bankruptcy if it cannot secure sufficient fresh funding by Wednesday.
"The situation is dire," an anonymous source close to AIG told the Journal.
The three ratings agencies gave essentially the same reasons for the downgrade: the US housing crisis, to which AIG is highly exposed, and its share freefall.
On Monday AIG shares plummeted 61 per cent to 4.76 US dollars; they have lost 93 per cent of their value in a year.
"The rating actions reflect Fitch's view that AIG's financial flexibility and ability to raise holding company cash is extremely limited due to recent declines in the company's stock price, widening credit spreads, and difficult capital market conditions," Fitch said in a statement.
Standard & Poor's Ratings Services lowered its long-term counterparty rating to 'A-' from 'AA-' and its short-term counterparty credit rating on AIG to 'A-2' from 'A-1+' according to a statement. Moody's downgraded AIG to 'A2' from 'AA3' and Fitch lowered its rating to 'A' from 'AA.'
Far more than other insurers, AIG has been a big player in a complex parallel market called credit default swaps (CDS), financial instruments in which Wall Street companies take out as a form of market insurance against the risks of bond default.
These products, often linked to the US real-estate market, are at the heart of the current banking crisis and have led to massive write-downs of assets around the world.
AIG alone has written down 25 billion US dollars amid spiking defaults on US mortgage payments in the United States.
In a filing with US market regulator, the Securities and Exchange Commission, AIG said it would need 13.3 billion US dollars to meet its CDS obligations, if S&P and Moody's lowered its rating a notch.
Moody's, in a dire warning, said that "further downgrades of the parent and certain operating units are likely if the immediate liquidity and capital concerns are not fully addressed. Such downgrades could amount to multiple notches."
After Wall Street investment bank Lehman Brothers filed for bankruptcy protection and peer Merrill Lynch was swallowed by Bank of America Monday, it looked like AIG may be the next domino to drop in the swiftly deteriorating US financial crisis.
The US Treasury, as it had done for Lehman, ruled out using taxpayer money to prop up the insurer.
The Wall Street Journal, citing people familiar with the situation, reported that the US Federal Reserve on Monday asked Goldman Sachs Group and JP Morgan Chase to help make 70-75 billion US dollars in loans available to AIG.
The stakes are high for a company that until only recently had been long considered the world's largest insurer. In the past year it has been battered by the global credit crunch and the worst US housing slump in decades.
AIG has 74 million customers worldwide, most of them American, who would find themselves without insurance if the company goes bankrupt. It employed 116,000 people in 130 countries at the end of 2007.
New York state has thrown the only lifeline of sorts to AIG, announcing Monday that the company can, in effect, loan itself 20 billion US dollars, by borrowing against its assets.
According to US media reports, among the assets AIG is hoping to sell is its aircraft leasing business, International Lease Finance Corporation, which has a fleet of 1,000 planes.
"Although some recoveries are likely, given continued depressed market values, it is unlikely that any gains will be recorded before late 2009 or 2010," S&P said.
- AFP/ir
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