Trouble In America

AIG's credit ratings were downgraded by S&P and Moody's Monday, threatening efforts to raise emergency funds to keep the company afloat.

The ratings reductions occurred it was revealed that the biggest U.S. insurer by assets is seeking $70 billion to $75 billion in loans arranged by Goldman Sachs Group Inc. and JPMorgan Chase & Co. to replenish capital.

AIG plunged 61 percent yesterday in New York and has declined 92% this year.

Rumours that Manchester United would come to the rescue of it's shirt sponsor by auctioning off one of Wes Brown's legs, have still to be officially confirmed.

Meanwhile Washington Mutual Inc., the biggest U.S. savings and loan, had its credit rating cut to junk by S&P because of the deteriorating housing market.

Washington Mutual are one of the main protagonists in the doomed Alt-A mortgage scam which will be the next big thing to add to the woes of the US housing market.

See US Housing Market Isn't Going To Get Better Anytime Soon for more info on that one.

Hewlett-Packard (HP), the world's largest computer company, says it plans to cut 24,600 jobs to help streamline its business.