Biggest US insurer goes cliff-diving

AIG joins the list of cratering financial institutions, after losing half its stock value in 5 days. There’s getting to be quite a passel of them, aren’t there? Washington Mutual, Wachovia, and Merrill are on the sick list too while Lehman Brothers will undoubtedly cease to exist in its current form within the very near future.

For The Fed and Treasury, it must feel like whack-a-mole. I mean, they shot Bear Stearns in the head, propped up the corpse of IndyMac, are attempting to get Fannie and Freddie off life support – but then in through the door uninvited shamble several more financial zombies.

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