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The SpaceX mission
A privately owned unmanned rocket blasts off on a mission to be the first commercial flight to the International Space Station. Slideshow
AIG help meant to avert threat to system: White House
WASHINGTON |
WASHINGTON (Reuters) - The White House said on Monday the latest government bailout of American International Group Inc was necessary to prevent the troubled insurer from posing a further threat to the financial system.
"Today's actions were critical," White House spokesman Robert Gibbs told reporters.
U.S. stocks tumbled after AIG got a new but not necessarily final government bailout following a record $61.7 billion quarterly loss, fueling fears that the global financial crisis is getting worse.
Gibbs said the government had determined that "the risk of doing nothing was unacceptable."
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