The Fed will be purchasing up to 80% of AIG for an $85 billion loan. And it keeps on crumbling.
I have a couple friends who work at investment banks in New York; one works at Merrill Lynch and another in the mortgage division of UBS. I talked to them both today and they stressed how chaotic everything has been in New York the last couple of days.
On another note, Matt Yglesias points out that the past week has resulted in the nationalization of quite a few very large corporations. And the auto industry is calling the government for help, as well. Matt is right to question how the companies are going to be run. With any luck, they can be removed from the political process and eventually sold off and taken out of government hands. I'm pretty sure that what happened this past week is shown as a flashback in most dystopian movies.
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