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Dow Jones hits 12 year low as AIG announces record losses
Monday, 2 March 2009
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The Dow Jones hit a 12 year low today as a result of investors becoming increasingly pessimistic about the health of American banks and the world economy.
It followed the announcement by insurance giant AIG of a quarter-year loss of almost $62 billion - the biggest shortfall in US corporate history.
Washington has already promised an additional $30 billion of bail-out money to the company, on top of the $150 billion that's already been handed over.
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