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What Is AIG? (Now That We Own It)

From aircraft leasing arm to wealth management group

By Jim O'Neill, Newser User

Posted Sep 17, 2008 9:49 AM CDT

(Newser) – For one thing, the insurance behemoth the Federal Reserve just acquired for $85 billion is profitable, explains the New York Times. AIG, which started out insuring assets in Asia, is wildly diversified and sprawling globally. Businesses range from retirement plans in the US to life... Read full story »

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Federal Reserve • insurance • AIG • mutual funds • subprime crisis • bailout • financial crisis

More Newser Stories

Fed Duo Sounded Alarm Over AIG 'Gifts' to Banks

Geithner, Paulson face grilling over 'backdoor bailouts' for AIG clients

(NEWSER) - Two Federal Reserve governors expressed their unease about the Fed's rejection of a plan to force big banks to return $30 billion in cash they received from AIG before its bailout in late 2008. The officials warned that the decision to let the banks, including Goldman Sachs, keep the collateral they paid AIG on credit insurance contracts might be "a gift" to the firms, according to documents obtained by the New York Times. More»

Ousted AIG CEO Builds AIG 2— With AIG Talent

Greenberg's new insurer poaches AIG employees at taxpayers' expense

(NEWSER) - Hank Greenberg built AIG into a $1 trillion behemoth that needed the biggest bailout in history—but quietly, the former CEO has begun a new insurance company, CV Starr, that is poaching some of AIG's leading talent. He just got an unintended assist from the Treasury: Tough new pay rules at AIG have sent employees fleeing to Greenberg, further hurting the mega-company's ability to pay back the taxpayer. "Basically, he's just starting AIG Two and raiding people out of AIG One," said one insurance exec. More»

AIG Bailout Has Failed: Greenberg

Government should focus on reducing stake, restructuring firm, former CEO says

(NEWSER) - AIG’s former CEO told Congress today the bailout of the insurance firm has “failed” and that the government should restructure the company, the Wall Street Journal reports. At a House committee hearing, Hank Greenberg said he blamed his successors for the firm’s implosion: "I think they got greedy. I think they wrote considerably more business than they should have." More»

Eli Broad: AIG Can't Recover

LA billionaire says he has "no hope" for insurer

(NEWSER) - Eli Broad, a former director and shareholder of AIG, said yesterday that "it is too late" for the insurance giant to make any recovery. The Los Angeles billionaire told Reuters that the government's initial bailout of AIG came "on the harshest of terms," and that a Citigroup-style guarantee of toxic assets would have been more sensible. Broad said he was no longer investing in insurance: "I don't have any hope, not now." More»

AIG Negotiating Yet Another Bailout

3rd rescue could see government acquire parts of insurer

(NEWSER) - AIG is seeking yet another bailout from the federal government, the Financial Times reports, as the troubled insurer prepares to post a quarterly loss the Wall Street Journal expects to exceed $60 billion. The new package would see the government swap its previous $60 billion loan for equity and acquire of some of its Asian businesses. A new bailout would be the third time in just five months that the taxpayer has bankrolled AIG; the authorities already own 80% of the company. More»

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What Is AIG? (Now That We Own It)

From aircraft leasing arm to wealth management group

Federal Reserve • insurance • AIG • mutual funds • subprime crisis • bailout • financial crisis

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More Newser Stories

Fed Duo Sounded Alarm Over AIG 'Gifts' to Banks

Geithner, Paulson face grilling over 'backdoor bailouts' for AIG clients

Ousted AIG CEO Builds AIG 2— With AIG Talent

Greenberg's new insurer poaches AIG employees at taxpayers' expense

AIG Bailout Has Failed: Greenberg

Government should focus on reducing stake, restructuring firm, former CEO says

Eli Broad: AIG Can't Recover

LA billionaire says he has "no hope" for insurer

AIG Negotiating Yet Another Bailout

3rd rescue could see government acquire parts of insurer

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