The United States Federal Reserve says it will loan up to 85 billion dollars to the troubled insurance giant AIG.
The move is designed to save one of the world's largest insurers from collapse. The US central bank said the federal government would gain just under an 80 percent stake in the company. In a statement, the White House said President Two bodies found at UK arson house ...
President Bush hails Pakistan as strong ally ... George W. Bush backed the decision in the interest of "promoting stability in financial markets and limiting damage to the broader economy." Earlier the Fed injected 50 billion dollars of liquidity into money markets to ease the turmoil that was triggered after Monday's collapse of giant investment bank Lehman Brothers. The US central bank also decided against lowering interest rates below the current level of two percent. The Fed said this was a unanimous decision due to concerns that such a move could endanger growth and drive inflation.
(Deutsche Welle)
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