Law Blog - WSJ.com (Free subscription) | yesterday
One of the three trustees who oversees U.S. taxpayers' nearly 80% stake in AIG recently said he wanted to quit his post, but was persuaded to stay on. Separately, the government is seeking possible candidates to add to the insurer's board.
The Street (Free subscription) | yesterday
Shares of insurance companies finished the week flat after some volatility over the last few days.
Calculated Risk (Free subscription) | yesterday
From Paul Krugman writing in the NY Times: The Big Squander During the bubble years, many financial companies created the illusion of financial soundness by buying credit-default swaps from A.I.G. — basically, insurance policies in which A.I.G. promised to make up the difference if borrowers defaulted on their debts. It was an illusion because the insurer didn’t have remotely enough money...
The Baseline Scenario (Free subscription) | yesterday
As everyone knows by now, Neil Barofsky, special inspector general for TARP, has a new report out on the decision by the Federal Reserve Bank of New York last Fall to make various AIG counterparties (primarily some very big banks with names you know) whole on the the CDS protection they had bought from AIG [...]
The Business Insider (Free subscription) | yesterday
Will we ever know why AIG was bailed out and why its credit default swap counterparties were made whole? When AIG first began to ask for a bridge loan from the Federal Reserve, the public was told that AIG wanted additional "liquidity" to avoid a ratings downgrade. This implied that AIG's problem was relatively modest, related only to a temporary gap between funding for liquidity and its...
CJR Daily (Free subscription) | yesterday
I wrote twice on Tuesday about the bizarre Tim Geithner quote that "the financial condition of the counterparties was not a relevant factor" in his decision to bail out AIG. I called it a "stunner" and said it ought to be "second-day-story number one." Now we're to the fourth day and it's just us and now The Wall...
The Reasoned Sceptic (Free subscription) | 11/20/2009
Wednesday's Wall Street Journal featured a very damning article concerning Treasury Secretary Tim Geithner's mishandling of the payment of collateral to Goldman Sachs for its AIG positions last year, as head of the New York Federal Reserve Bank. In article entitled "Report Rebuts Goldman Claim," following only days after the Journal published Goldman's assertions that it never needed those...
KY3 News (Free subscription) | 11/20/2009
Congressman Roy Blunt is urging the Financial Services Committee to schedule a hearing to examine a report that the Federal Reserve Bank of New York was unprepared to deal with bailout money AIG received last year. Blunt said the committee must investigate before legislation regarding further AIG-style bailouts are considered. From BLOOMBERG: The inspector general’s report “paints a devastating...
Reuters (Free subscription) | 11/20/2009
WASHINGTON (Reuters) - U.S. Treasury Secretary Timothy Geithner on Thursday defended the costly bailout of insurer AIG and urged swift regulatory reform to safeguard the economy from the failure of big financial firms.
France24 (Free subscription) | yesterday
Taiwan will probe if the buyer of the local unit of American International Group has violated a long-term investment commitment by speedily selling on part of the company, an official said Friday. In October, AIG announced a Hong Kong-based consortium including China Strategic Holdings had agreed to buy Taiwan-based Nan Shan Life for 2.15 billion US dollars, pending regulatory approval.
Kempton - ideas Revolutionary (Free subscription) | 11/20/2009
The AIG bailout report (PDF file) from SIGTARP (Office of the Special Inspector General for the Troubled Asset Relief Program). Have a read of what Paul Krugman wrote, insightful. Posted in Business, investment, politics, united states, World, World Affairs
Political Bloviation (Free subscription) | 11/20/2009
Krugman, as he usually does really nails it. Will policy makers in Washington listen? Unlikely and it is too late. The public does not trust them. So officials could have called on bankers to offer a better deal, for their own sake, and simultaneously threatened to name and shame those who balked. It was their choice [...]
Reuters UK (Free subscription) | 11/19/2009
NEW YORK, Nov 19 (Reuters) - An American International Group Inc's board meeting is expected next week against the backdrop of Chief Executive Robert Benmosche's frustration with the U.S. government's involvement in the insurer's affairs, a source familiar with the matter said on Thursday.
Bloomberg (Free subscription) | 11/19/2009
Nov. 19 (Bloomberg) -- American International Group Inc., the insurer divesting assets to repay a U.S. bailout, has renamed its fund manager PineBridge Investments LLC as it prepares to hand over the unit to Pacific Century Group.
Truth Out (Free subscription) | 11/19/2009
Government officials were aware that billions of dollars used to bail out American International Group (AIG) last year was used by the insurance giant to pay off its creditors, according to a newly released government watchdog report. read more
The 3 latest articles published by users on AIG :
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paisano1 | 03/18/2009
There is something rotten at AIG, and calling out those multiple flaws in the way the directors, officers, and managers ran the company can be used to negate those bonus payments. The fatal flaw(s) may be in the contract language and in the bonus plan, which, one would hope, set up some criteria for paying millions in shareholder money above and beyond base salary. We may find that the bonus contracts
paisano1 | 03/16/2009
Any attorney who advises that these bonuses are appropriate ought to have his or her head checked. Base salary, maybe, if not outrageous. No bonus. No severance unless everybody else also received proportionate assistance. Don’t care what the contract says - attack it in bk or wind down - I saw it many times in the Silicon Valley meltdown.
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