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Financial Woes continue on Wall Street

After seeing its worst plunge in the market since the September 11th attacks, the filing of bankruptcy by Lehman Brothers and the sale of Merrill Lynch to The Bank of America, again early this morning things aren't looking so well for companies, investors and shareholders on Wall Street.

Throughout the morning many companies have been in the red as NYSE and The Dow Jones are continuing to slip in the financial heart of the world, New York City.

The big news of the morning comes courtesy of the largest insurance company in the world and financial powerhouse, AIG, whose shares of stock have plummeted to under 2 dollars a share. Worries also continue for AIG because of several ratings agencies are reducing their ratings on the powerhouse so that means more money the company has to put away for a rainy day, but it seems like it's already pouring on AIG.

Today already the FED has pumped 70 billion dollars into our nation's financial system to help ease the stresses.

If AIG goes bankrupt, which it very well might, it virtually effects every industry in the world. How? Your asking the wrong person, but I'm sure somebody on Wall Street or in financial services can tell you.

Now this is a good example of bad PR because, well I'll keep it simple, it could have been avoided!

Now AIG has to reconstruct their image after the layoff of about 15-20 percent of their 100,000 employees, which hasn't happened yet but is in the future, and attempt to garner back the trust that shareholders and investors once had before. I wish them the best of luck!

P.S. - The price of barrels of Oil are falling. That's good news!