Gasparino on CNBC is reporting that the Gov't is starting to cave somewhat on the AIG bailout.

By now its old news, but to recap - the issue isn't AIG's P&C lines, etc, but rather their exposure to other financial products. AIG is a counter party to billions of credit default swaps and other derivitives - essentially underwriting those assets with pretty much every major financial institution.

Both have confirmed that they are out of the deal. This vastly increases the pressure on both the Fed / Treasury, as well as AIG's board.

We've continued to hear rumors all day - and rampant speculation amongst industry analysts- that this deal would never happen. Now we are in a wait and see mode.

Both Moody's and S&P have now downgraded AIG. We can talk chicken and egg here, but their stock price is now down volitile in the $2-4 range. The combined effect is that AIG is in a near-impossible position in trying to raise a massive amount of capital.

It will be interesting to see through the day how successful they are - the gov't is pushing Goldman and JP Morgan to lend nearly $75b to

Residents in south Texas on the coast have begun the tough job of cleaning up as Hurricane Dolly slammed into the coast on Wednesday, July 23. On Thursday power lines were still down, but according to news reports, many businesses were opening their doors and beginning the clean-up.

According to the Insurance Information Institute many Texas coastal homeowners have windstorm and hail coverage

Net income for the fourth quarter of 2007 was the lowest reported by the banking industry in over 15 years. The average margins are the lowest in almost 20 years. While the banks deal with the tremendous amount of defaulted loans, it seems likely that M&A activity will slow down. We have also seen a few agency divestitures by the big banks.

This might not be so for the smaller and mid-sized

According to the company, Taylor Financial's business complements NIA's south Florida client base, which includes a roster of health care accounts and a full-service commercial lines and personal insurance services division Kevin Conboy, CEO of The NIA Group, said: "This acquisition enables us to provide greater value and enhanced services to both Taylor Financial and NIA clients. It aligns with

Clear Rock is pleased to announce the addition of a new sell-side client servicing the signmaking and graphics trade. The company, located in the north east U.S., sells vinyl and other media primarily to the sign-making trade.

Contact Dan Doran at Clear Rock for more information.

The deal is expected to be completed in the fourth quarter of 2008.2 British pound=$2.0020 (2007) fiscal year ending December 31. 3 Fiscal year ending April 30