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Newsjock Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Sep-18-08 09:50 AM
Original message
AIG booted out of the Dow
Edited on Thu Sep-18-08 09:50 AM by Newsjock
Source: CNN

Big Insurance is out. Big Food is in.

American International Group, the beleaguered insurance giant, will no longer be a part of the Dow Jones industrial average starting next week.

Dow Jones & Company, which oversees the 30-stock index, said that Kraft Foods (KFT, Fortune 500) will take AIG's place.

Read more: http://money.cnn.com/2008/09/18/news/companies/aig_dow/index.htm?cnn=yes


If the numbers look bad, I guess Rupert Murdoch just changes the numbers.
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quiet.american Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Sep-18-08 09:51 AM
Response to Original message
1. Whoa. nt
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SmokingJacket Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Sep-18-08 09:52 AM
Response to Original message
2. So one of our prime indicators is now how much mac and cheese people eat?
Hm.
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lapfog_1 Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Sep-18-08 09:55 AM
Response to Reply #2
5. In a depression
people eat a lot of "cheap" comfort food.

Kraft is perfect for our times.

Soup anyone?
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Renew Deal Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Sep-18-08 10:23 AM
Response to Reply #5
8. Is Phillip Morris in there?
Beer and Cigarettes have a bright future.
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Angleae Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Sep-19-08 05:12 AM
Response to Reply #8
20. Complete list of current DJIA
3M
Alcoa
American Express
AT&T
Bank of America
Boeing
Caterpillar
Chevron Corporation
Citigroup
Coca-Cola
DuPont
ExxonMobil
General Electric
General Motors
Hewlett-Packard
Home Depot
Intel
IBM
Johnson & Johnson
JPMorgan Chase
Kraft Foods
McDonald's
Merck
Microsoft
Pfizer
Procter & Gamble
United Technologies Corporation
Verizon Communications
Walmart
Walt Disney
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awoke_in_2003 Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Sep-18-08 10:47 AM
Response to Reply #2
10. Mac and cheese is good. nt
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slackmaster Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Sep-18-08 11:01 AM
Response to Reply #2
11. It wouldn't surprise me a bit
Kind of like the "misery index" of the Carter era, only packaged so a kid can prepare it.
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meegbear Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Sep-18-08 09:52 AM
Response to Original message
3. Mmmmmmmm ... Kraft ...
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closeupready Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Sep-18-08 10:42 AM
Response to Reply #3
9. Mmmm, yummy! A guilty pleasure of mine, lol.
:D
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Ian David Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Sep-18-08 09:54 AM
Response to Original message
4. I said from DAY ONE that Rupert Murdoch would pull that crap if he bought Dow Jones n/t
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gratuitous Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Sep-18-08 10:17 AM
Response to Original message
6. Oh sure, right after we bought it
Isn't that always the way? I wonder if we can get our money back? Is there a Lemon Law for taxpayer purchases of tanking corporations?
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Renew Deal Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Sep-18-08 10:22 AM
Response to Original message
7. Bye Bye
:hi:

Seriously, I don't think they qualify anymore.
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jb5150 Donating Member (213 posts) Send PM | Profile | Ignore Thu Sep-18-08 11:17 AM
Response to Original message
12. Before this is all over
we'll all be eating cat food.
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Petrushka Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Sep-18-08 12:19 PM
Response to Reply #12
13. ...or porch-rabbit! (eom) . . . (** edited **)
Edited on Thu Sep-18-08 12:35 PM by Petrushka
Edited to add:

For those of you who are too young to remember the Great Depression, "porch-rabbit" was another name for a domesticated cat butchered and sold (to the unwary) as "fresh rabbit" . . . so . . . if the time comes when you notice that the paws are missing from that "fresh rabbit" you're about to purchase (or barter) . . . (**heh**)
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GliderGuider Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Sep-18-08 12:45 PM
Response to Original message
14. If they replace companies that tank with companies that are doing well
Doesn't that kind of defeat the purpose of using the Dow as an indicator of the nation's economic performance? Hmmmm????
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Nihil Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Sep-19-08 04:46 AM
Response to Reply #14
19. Only for the sapient.
:yoiks:
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barbtries Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Sep-18-08 12:48 PM
Response to Original message
15. i need help
is this a cosmetic switch? i did hear that the 30-year former CEO went from a billionaire to a mere millionaire yesterday based on AIG's losses.

forgive my ignorance, but is that the reason they're doing it? to keep the numbers up?
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happyslug Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Sep-18-08 02:00 PM
Response to Reply #15
16. The DOW has changed over the years, to reflect changes in the Market
for more see:
http://en.wikipedia.org/wiki/Dow_Jones_Industrial_Average

I suspect the change has to reflect the fact AIG is in reality no longer with us and something had to replace it. Kraft food is a safe bet, but I suspect Kraft was picked for it is viewed as a safe company (i.e. no big prospect of a major drop like AIG). Thus the answer is BOTH, both to stabilize the DOW average AND to keep the DOW reflective of the overall market. Only time will tell which was the greater reason.
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barbtries Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Sep-18-08 03:04 PM
Response to Reply #16
18. thank you
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KamaAina Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Sep-18-08 02:04 PM
Response to Original message
17. This is why you want to follow the S&P 500 rather than the Dow
it's a much better reflection of the broader market and isn't as subject to manipulation.
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