Insurance company AIG reports losses

One of the world’s biggest insurance company AIG group Inc. registered losses in the current fiscal year and for the first time in the history of the 89 year old company the company made losses to the extend. The AIG stocks went down by 3.8% after the reports of losses were released by the company.

The company officials attributed the losses to the fall in credit market and the company also announced that it is further expecting to go for write-downs in the current fiscal year.

New and small banks may close down in US

The small and new banks are at a risk to get closed down and this was predicted by the Fed chairman Ben -Bernanke who had been addressing the Senate banking committee during the biannual testimony. The financials index of Standard & Poor’s went down by 3% yesterday and he said that new thoughts were needed to solve the current problems.

He talked that the government proposals to help taxpayers in the mortgage market like the Fannie Mae and Freddie Mac will be helpful in easing the pressures on the economy. He also said that the US economy is weak as compared to it was in 2001 to absorb the economic crisis shocks.

Nader’s bid for election is termed dreamy

The independent candidate in the Presidential race Ralph Nader has been termed spoiler by many but former San Francisco Supervisor Matt Gonzalez joined him as running mate and defended his stand saying that the parties are not agreeing to solve problems through election reforms.

Gonzalez is a consumer lawyer and will be currently concentrating on the campaign only. He said that Nader is blamed of being a spoiler in the Al Gore’s loss to Bush but to fix the problems he has to run.

Explosion injures 8 people

An explosion occurred in a Mall in Waukegan strip and 8 people got seriously injured after the explosion. The reason behind the explosion is still not clear but after the explosion the walls of the Tuxedo World and Cleopatra’s Hair Salon collapsed.

Firefighter tried to rescue people and said that the collapse could have resulted in more casualties. Five injured people were admitted to the Vista Medical Center East located close to the area in Waukegan. Three other injured were taken to the 1900 block of Grand Avenue.