The U.S. government’s eleventh hour $85 billion (47 billion pound) rescue loan for American International Group was billed late on Tuesday as a way to prevent a broader collapse and ease nerves on Wall Street.
(Reuters) - U.S. authorities on Tuesday put together an emergency $85 billion (47.7 billion pounds) rescue of insurer American International Group Inc to stave off a possible bankruptcy, and avoid throwing world markets already shaken by the deepening credit crisis into more turmoil.
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Lloyds TSB is in advanced discussions with HBOS about a takeover but the news did nothing to help shares in Britain’ biggest mortgage lender, which fell another 19%. Trading in other bank stocks was volatile, helping to send the FTSE 100 sharply lower
Wall Street stocks took scant comfort from the government’s historic rescue of American International Group as investor anxiety over near unprecedented turmoil in the financial sector intensified
HBOS confirms it is in advanced merger talks with Lloyds TSB to create a UK retail banking giant as credit crunch fears continue to rattle financial markets around the world.
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