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July 25, 2008 11:03:31 PM CDT


Stories related to: American International Group

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3 Stories

  • June 2008
    • Embattled AIG CEO Steps Down

      Embattled AIG CEO Steps Down

      Martin Sullivan has stepped down as AIG's CEO, and the company's board named chairman Maurice Willumstad his successor, insiders tell the Wall Street Journal . The insurance giant's stock has plummeted more than 50% since October due to subprime writedowns, and Sullivan is still embroiled in legal battles with his former boss. The new chief may start with a clean slate, but the state of American real estate remains daunting. More »

      Tags

      subprime mortgages   subprime crisis   CEO   AIG   CEOs   insurance companies   Martin Sullivan   American International Group   insurance industry

  • February 2008
    • AIG Posts $5.2B Loss on Writedown

      AIG Posts $5.2B Loss on Writedown

      Today's after-hours bad news from the credit-crunch front comes from insurer AIG, which reported a fourth-quarter loss of $5.29 billion after taking an $11 billion writedown on mortgage-related insurance contracts, the Wall Street Journal reports. The loss amounts to $2.08 per share; American International Group turned a profit of $1.31 in the fourth quarter of 2006. More »

      Tags

      credit crisis   writedowns   AIG   Martin Sullivan   American International Group   mortgage insurance

    • Jury Convicts Ex-Insurance Execs in Fraud

      Jury Convicts Ex-Insurance Execs in Fraud

      A federal jury yesterday convicted five former insurance executives of fraud, conspiracy, and making false statements to the Securities and Exchange Commission as part of a scheme to deceive investors, Bloomberg reports. The convictions stem from a sham transaction in 2000 between General Reinsurance Corp. and American International Group that added $500 million in loss reserves to AIG’s accounts to soothe investor concerns. More »

      Tags

      SEC   fraud   Warren Buffett   AIG   Berkshire Hathaway   American International Group   Hank Greenberg   General Re Corp   General Reinsurance

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