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Wall Street crisis. Fed takes control of insurance giant AIG in another bailout "Under the deal, the Federal Reserve Board will provide an $85 billion emergency loan to American International Group in return for a nearly 80 percent stake in the teetering insurance and finance giant." Fed's $85 Billion Loan Rescues Insurer "Fearing a financial crisis worldwide, the Federal Reserve reversed course and agreed to an $85 billion bailout that would give the government control of the troubled insurance giant American International Group." Is the U.S. going overboard on bailouts? "So far this year, the federal government has put up nearly $30 billion to avert a major financial default by the investment bank Bear Stearns Cos.; committed to investing as much as $200 billion in preferred stock of the loss-plagued finance giants Fannie Mae and Freddie Mac and at least $5 billion in their mortgage securities; and agreed to provide an emergency loan of $85 billion to American International Group Inc. in return for an ownership stake of as much as 80% in the stricken insurance giant." Wall Street's woes ripple around the world "As U.S. officials engineered a bailout of insurance giant American International Group Inc. in New York on Tuesday, Lehman workers in London carted boxes from their offices and worried about joining the unemployment rolls. Bankers and accountants in Asia were tallying their exposure to American assets -- South Korean financial firms had more than $700 million in investments each in securities linked to Merrill and Lehman." Fed Takes Over AIG, While German Banks Assess Damage "America's central bank has saved Wall Street insurance giant AIG from failure, but a federally insured German fund could be facing