OOD DAY FOR: Shorting Circuit, after electronics retailer Circuit City filed for bankruptcy. The chain said last week it would close 155 stores, or a fifth of its locations. Circuit City, along with being hit by the credit crunch, has also been losing market share to larger competitors Best Buy and Walmart. Its stock closed at 25 cents a share last week. (Bloomberg)
BAD DAY FOR: Risky business, after the U.S. government increased the amount of its bailout of insurer AIG to $150 billion, from $85 billion. The new deal reduces the loan portion to $60 billion and adds the purchase of $40 billion of preferred shares and $52.5 billion of mortgage-backed securities. AIG also reported a record $24.5 billion quarterly loss. “AIG keeps getting hit square between the eyes by the housing-finance meltdown,” said Morningstar analyst Bill Bergman. “Risk controls at the company were clearly inadequate.” (Bloomberg)
THE WEEK'S AUDIOPHILE PODCASTS: LISTEN SMARTER
- Who are the real gay marriage bigots?
- Why is American internet so slow?
- What would a U.S.-Russia war look like?
- What the collapse of the Ming Dynasty can tell us about American decline
- Religious liberty should be a liberal value, too
- Watch The Daily Show mock Fox News' confused man-crush on Vladimir Putin
- Don't worry: World War III will almost certainly never happen
- 22 TV shows to watch in 2014
- The new bride who had a horrifying allergic reaction to her husband's sperm
5 surprising facts about left-handed people
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