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AIG unit sues Countrywide over loan losses
A unit of American International Group Inc. (AIG) on Thursday filed a suit against mortgage lender Countrywide Financial Corp. in California federal court, alleging Countrywide misrepresented the health of loans that the company insured. AIG has alleged that the misrepresentation has resulted in massive losses for the already troubled insurer. Accusing Countrywide of the breach... »
Citigroup reaches aid deal with US government
According to the Citigroup Inc., the U.S. government will exchange up to USD 25 billion in emergency bailout money which would give it as much as a 36 percent stake in the struggling bank. This deal announcement was made on Friday and is being touted as the third rescue plan for Citigroup in less than... »
General Motors and Chrysler Pushing for an Urgent Deal
America’s biggest and the World’s Second largest automaker GM is feeling the heat from the Global financial crisis. The firm is seeking a merger deal with competitor Chrysler just days before the Presidential election. The US auto market has been hit hard and sales continue to decline. General Motors lost its position as the... »
