Archive for May 9th, 2008

Last week, the federal government began sending out more than $100 billion in "tax rebates" to millions of Americans in an effort to stimulate the sluggish economy.

Stocks tanked Friday, with the Dow losing more than 100 points, after AIG's weak quarter revived worries about the credit crisis, and record oil and gas prices exacerbated fears about the threat of inflation.

Stocks slipped Friday afternoon, with the Dow off more than 100 points as investors eyed record oil and gas prices and a big quarterly loss for Dow component AIG.

Citigroup Inc. said Friday it planned to unload $400 billion in assets over the next few years as the beleaguered banking icon aims to reinvigorate itself.

Last week, the federal government began sending out more than $100 billion in "tax rebates" to millions of Americans in an effort to stimulate the sluggish economy.

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Stocks tumbled Friday afternoon, with the Dow off more than 100 points, after AIG's weak quarter revived worries about the credit crisis and record oil and gas prices exacerbated fears about the threat of inflation.

Martin Sullivan, the chief executive of American International Group, picked the right time to build what he calls a "fortress balance sheet," because bad bets in the mortgage markets have him and his board under siege.