We hate reading the word “plunge” on the New York Times homepage unless it is underneath a picture of Michael Phelps wearing a Speedo the size of a Band-Aid. But that’s what we’re faced with now that the Dow closed down 508 points, plummeting still further past the 10,000 mark. This happened in spite of reassurances from Fed chair Ben Bernanke that he was prepared to lower interest rates. Bank of America stock, which started the day with bad news, lost about 25 percent, as did Morgan Stanley.
But never fear — some people have been having a good time! Executives at AIG (remember them, the guys we bailed out to the tune of $85 billion?) spent over a half million on hotel rooms, room service, and spa treatments during a corporate retreat last month, less than a week after the government saved their asses. The House Committee on Oversight and Government revealed this little splurge today and Republican representative Mark Souder called it an example of “unbridled greed.” (Man, public servants don’t get to go on corporate retreats or something?)
Well, we’ve learned a couple of things today. One, Tuesdays are not always better than Mondays, and two, that whole “Greatest Depression” thing? Greater for some than others.
Markets Plunge Despite Hint of Rate Cut [NYT]
After Bailout, AIG Execs Headed to California Resort [ABC News]