The Dow took a beating today closing below the 7-thousand mark for the first time in 12 years. Blue chips ended the day down nearly 300 points, or 4.2%, to end at 6,763.29, while the Nasdaq shed 54 and the S&P fell 34 points.
The sell-off came after the federal government agreed to give battered insurer AIG another $30 billion. The revamped rescue plan now totals $162.5 billion dollars. That's our tax dollars at work. The extra $30 billion will come from the second half of the $700 billion rescue package approved by Congress last fall.
That's not all. Today AIG also posted a staggering $62 billion quarterly loss, the biggest ever by a U.S. company. The losses amount to about $460,000 per minute. Or let me put it this way: Every American would have to pay $204 to repay AIG's losses.
Do you think AIG should still be bailed out? Sound off below.
Tonight on AC360°, Chief Business Correspondent Ali Velshi looks at why AIG is so important to the global economy. Consider these numbers: AIG has 74 million insurance policies in 130 countries worldwide and they cover everything.
AIG's CEO Ed Liddy hit the media circuit today to pled his case. Liddy came on the job last September and is making just $1 a year. "We've made real progress starting in September and the latest round of solutions we think are a big step forward, " Liddy said in an interview with Ali today. Liddy added AIG resolves to do three things: Protect policyholders, payback every penny that is owed to the federal government and he said he has a "vision for the 116,000 people who work at AIG. They've done nothing wrong. They haven't contributed to this. But they are in fact going to solve it."
It's your money, your future. We'll have all the angles on this and tonight's other headlines starting at 10pm ET. See you then!
Anderson Cooper goes beyond the headlines to tell stories from many points of view, so you can make up your own mind about the news. Tune in weeknights at 8 and 10 ET on CNN.
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