In an extraordinary turn, the Federal Reserve agreed Tuesday night to take a nearly 80 percent stake in the troubled giant insurance company, the American International Group, in exchange for an $85 billion loan. With the prospect of a giant bankruptcy looming -- one with unpredictable consequences for the world financial system -- the Fed abandoned precedent and agreed to let the money flow. |
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Sheila Samples is an Oklahoma writer and a former civilian US Army Public Information Officer. She is a Managing Editor for OpEd News, and a regular contributor for a variety of Internet sites.