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Metalworking (rec.crafts.metalworking) Discuss various aspects of working with metal, such as machining, welding, metal joining, screwing, casting, hardening/tempering, blacksmithing/forging, spinning and hammer work, sheet metal work. |
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OT-AIG's Demise
The American International Group is seeking a $40 billion bridge loan from
the Federal Reserve, as it faces a potential downgrade from credit ratings agencies that could spell its doom, a person briefed on the matter said Sunday night. Ratings agencies threatened to downgrade the insurance giant's credit rating by Monday morning, allowing counterparties to withdraw capital from their contracts with the company. One person close to the firm said that if such an event occurred, A.I.G. may survive for only 48 hours to 72 hours. http://dealbook.blogs.nytimes.com/20.../index.html?hp Best Regards Tom. |
#2
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OT-AIG's Demise
On Mon, 15 Sep 2008 02:54:49 -0700, "azotic"
wrote: The American International Group is seeking a $40 billion bridge loan from the Federal Reserve, as it faces a potential downgrade from credit ratings agencies that could spell its doom, a person briefed on the matter said Sunday night. Ratings agencies threatened to downgrade the insurance giant's credit rating by Monday morning, allowing counterparties to withdraw capital from their contracts with the company. One person close to the firm said that if such an event occurred, A.I.G. may survive for only 48 hours to 72 hours. http://dealbook.blogs.nytimes.com/20.../index.html?hp Best Regards Tom. --------------- While I indicated in another thread that I thought that WaMu/Providian was up next on the hit list, you may very well be right. In the past when "high rollers" such as LTCM or Drexel-Burnham-Lambert "bit the big one," there were enough other firms with considerable "skin in the game," for rescues, or at least soft [enough] landings, to preserve the tables for some new players. http://en.wikipedia.org/wiki/Long-Te...tal_Management http://en.wikipedia.org/wiki/Drexel_Burnham_Lambert It is no longer possible to rob Peter to pay Paul, as not only Peter, but Matthew, Mark, Luke and John are all "maxed out," with markers all over town, even if they are not yet technically busted. At this point it is not "double down," but "all in." In one weekend not only did Lehman Brothers go, but also the "thundering herd" AKA Merrill, Lynch [I can remember when this was Merrill, Lynch, Pierce, Fenner and Bean...] WaMu/Providian, AIG, GMAC, the airlines and the Detroit automotives all come to mind in just this country, and with programmed/robot trading we have just seen what a 5 year old news story can do. [75% loss of market cap in less than 2 hours!!!!] http://www.canada.com/topics/travel/...b-414fce8ffab8 The big worry is hitting another "daily double," or even the exacta/quinella/trifecta, given the extraordinary interconnection [incest?] between/among financial sectors across countries, and as Warren Buffet so astutely observed "derivatives are financial weapons of mass destruction," with total face/notational values now estimated to be into the hundreds of trillions of dollars. http://en.wikipedia.org/wiki/Parimutuel_betting http://en.wikipedia.org/wiki/Trifecta Unka' George [George McDuffee] ------------------------------------------- He that will not apply new remedies, must expect new evils: for Time is the greatest innovator: and if Time, of course, alter things to the worse, and wisdom and counsel shall not alter them to the better, what shall be the end? Francis Bacon (1561-1626), English philosopher, essayist, statesman. Essays, "Of Innovations" (1597-1625). |
#3
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OT-AIG's Demise
On Mon, 15 Sep 2008 10:29:21 -0500, F. George McDuffee
wrote: While I indicated in another thread that I thought that WaMu/Providian was up next on the hit list, you may very well be right. In the past when "high rollers" such as LTCM or Drexel-Burnham-Lambert "bit the big one," there were enough other firms with considerable "skin in the game," for rescues, or at least soft [enough] landings, to preserve the tables for some new players. http://en.wikipedia.org/wiki/Long-Te...tal_Management http://en.wikipedia.org/wiki/Drexel_Burnham_Lambert It is no longer possible to rob Peter to pay Paul, as not only Peter, but Matthew, Mark, Luke and John are all "maxed out," with markers all over town, even if they are not yet technically busted. At this point it is not "double down," but "all in." In one weekend not only did Lehman Brothers go, but also the "thundering herd" AKA Merrill, Lynch [I can remember when this was Merrill, Lynch, Pierce, Fenner and Bean...] WaMu/Providian, AIG, GMAC, the airlines and the Detroit automotives all come to mind in just this country, and with programmed/robot trading we have just seen what a 5 year old news story can do. [75% loss of market cap in less than 2 hours!!!!] http://www.canada.com/topics/travel/...b-414fce8ffab8 The big worry is hitting another "daily double," or even the exacta/quinella/trifecta, given the extraordinary interconnection [incest?] between/among financial sectors across countries, and as Warren Buffet so astutely observed "derivatives are financial weapons of mass destruction," with total face/notational values now estimated to be into the hundreds of trillions of dollars. http://en.wikipedia.org/wiki/Parimutuel_betting http://en.wikipedia.org/wiki/Trifecta Unka' George [George McDuffee] ------------------------------------------- Expect CHAOS....financial and then social. And what will arise from this chaos? Order.....a New World Order. This whole thing has been, and is being, engineered (derivatives are a realively new market mechanism made possible by computing power....a fine example of this "engineering") by a totally corrupted power elite that believes they are bringing about biblical prophecy. Alex Jones knows. Listen to his radio show he www.infowars.com Dave |
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