San Francisco Chronicle - "AP Source: AIG to get up to $30B more in Fed aid" (3-1-09)

"Embattled insurer American International Group Inc. will receive up to $30 billion in additional federal assistance as part of a revamped government bailout plan that will see the Federal Reserve take stakes in two international units, a person familiar with the matter says."

Bloomberg - "U.S. Construction Spending Fell in January More Than Forecast" (3-2-09)

"Spending on U.S. construction projects fell in January more than twice as much as forecast as the housing recession deepened and commercial building slumped by the most in 15 years. The 3.3 percent decline followed a revised 2.4 percent drop the prior month that was larger than previously reported, the Commerce Department said today in Washington. Private commercial projects dropped 4.3 percent, the most since January 1994."

Bloomberg - "Buffett Says High-Rated Firms Suffer From Higher Borrowing Cost" (3-2-09)

"Billionaire Warren Buffett said the worst financial crisis in 70 years is dragging down highly rated companies because they pay more to borrow than wounded firms whose losses have U.S. government guarantees."

Bloomberg - "Cohen & Steers Ex-Investor to Buy Distressed Assets" (3-2-09)

"Real estate investor James S. Corl is jumping back into the property market to buy distressed assets. Corl profited from the boom as chief investment officer at Cohen & Steers Inc. and now wants to take advantage of the bust. Corl joined Siguler Guff & Co., a private-equity firm with more than $7.5 billion in assets under management, and will specialize in troubled real estate."

Bloomberg - "Property Values Approach ‘Stupid’ Lows, Roth Says" (3-2-09)

"Steven Roth, chief executive officer of Vornado Realty Trust, said it may take as long as four years for commercial real estate demand to catch up with supply."

Orange County Register - "HSBC cuts U.S. lending" (3-2-09)

"HSBC, Europe’s largest bank by market value, said Monday it will scale back its U.S. consumer lending operations, shutting down its HFC and Beneficial brands and cutting 6,100 jobs, reports the Associated Press."

Orange County Register - "Dump bad assets now, Fed president says" (3-2-09)

"When a bank is closed with FDIC support — the current protocol for troubled banks in the United States — the institution’s bad assets are removed and quickly disposed of by the FDIC, and the good assets are sold to an acquirer. The new acquirer does not spend time focusing on the problems of the past, but rather, focuses on maximizing future profitability — which is a good thing, according to Rosengren."