AIG financial collapse - Perhaps the Beginning of the End -

American International Group, Inc. (AIG) is a major American insurance corporation based at the American International Building in New York City. The UK headquarters are located on Fenchurch Street in London, England, UK, Continental Europe operations are based in La Défense, Paris and its Asian HQ is in Hong Kong. According to the 2008 Forbes Global 2000 list, AIG was the 18th-largest company in the world. It became a component of the Dow Jones Industrial Average on April 8, 2004.

On September 16, 2008, the U.S. Federal Reserve Bank, to prevent financial collapse of the company, announced its plan to lend the insurer US$85 billion in exchange for warrants for a 79.9% equity stake and the right to suspend dividends to previously issued common and preferred stock. AIG announced the same day that its board accepted the terms of the Federal Reserve Bank's rescue package, including the equity transfer into public ownership, and that it is in the best interest of all parties.
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Wall Street will never be the same again as Lehman Brothers heads into bankruptcy Monday and Bank of America says it would buy Merrill Lynch & Co., another troubled financial firm.

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I do not have a great amount of savings, but from this point on I will handle it in a changed way from the past ................ jack