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Tsunami surge devastates struggling California town

Harbor crews are assessing the damage caused by powerful tsunami surges that pounded this northern California port of Cresent City, sinking or damaging dozens of boats and wreaking havoc on port facilities. “This harbor is the lifeblood of our community,” Del Norte County Sheriff Dean Wilson said as he scanned the wreckage from waves touched off by a massive earthquake in Japan late last week. Last year saw landings of crab and fish worth $12.5 million. “The fishing industry is the identity and soul of this community, besides tourism,” he said Saturday. The region has never recovered from the loss
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AIG bid to buy back toxic assets could help market

American International Group’s bid to take back $15.7 billion in risky mortgage bonds may inject fresh confidence in a market where investors had started to question a nearly two-year rally. AIG said on Thursday it made the offer to the Federal Reserve Bank of New York for the residential mortgage-backed securities it gave up at the height of the financial crisis. The Fed on Friday confirmed it received AIG’s (AIG.N) offer for the bonds, held in Maiden Lane II, an entity formed in late 2008 as part of AIG’s bailout. For more than a year, the insurer has been preparing
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