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December 2, 2008 9:48:03 PM CST

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American International Group

American International Group news stories

6 Stories

OPINION

After Meltdown, 'Safe Will Be the New Sexy': Cramer

'Good, clean, old-fashioned banking' is coming back in US markets

New York New York Sep 22, 08 11:06 AM CDT
(Newser) - A new era has arrived on Wall Street, with the big investment firms falling, James Cramer writes in New York , and traditional banks with large deposit bases looking like the smartest option all along. “We’ll see a more chaste culture emerge from all of this, on Wall Street, and perhaps beyond,” he writes. “Caution will be the new daring. Safe will be the new sexy.” More »

More about:  Financial Crisis • economy • Wall Street • Lehman Brothers • Bear Stearns • Merrill Lynch • bank failure • Jim Cramer • American International Group

 New York, New York,
That Teetering Town

Masters of Universe tighten their belts as Wall Street quakes

Reuters Reuters Sep 16, 08 4:36 AM CDT
(Newser) - Amid the financial fallout, even Manhattan's wealthiest consumers are beginning to curb their spending, Reuters reports. Wall Street tremors and belt-tightening by the rich are bound to hit New York City especially hard, and will rock stores, restaurants—and even charities. "We still have not hit the bottom of the cycle," warned Mayor Mike Bloomberg. New York—and London—have long relied on the securities industry for taxes, jobs and lavish spending that support fashion and entertainment businesses. More »

More about:  Wall Street • Lehman Brothers • Merrill Lynch • Great Depression • American Red Cross • American International Group • Forbes magazine

OPINION

Time for the
Dow to Ditch Ailing AIG

Index should replace enfeebled AIG or GM
with Apple or Cisco

CNNMoney Sep 16, 08 3:45 AM CDT
(Newser) - The downsizing of American International Group should spur its ejection from the Dow Jones 30, Paul R. La Monica writes in CNNMoney. The company's inclusion in the index means its troubles will hurt the market even more than the tribulations of Lehman, Fannie and Freddie—its shedding of divisions will remove the rationale that got the insurance giant included in the first place, La Monica adds. More »

More about:  Financial Crisis • Dow Jones • Wall Street Journal • AIG • Wells Fargo • insurance companies • American International Group

 Embattled AIG CEO Steps Down 

Board replaces Sullivan with Citi exec Willumstad

Wall Street Journal Wall Street Journal Jun 15, 08 3:43 PM CDT
(Newser) - 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 »

More about:  Financial Crisis • subprime crisis • subprime mortgages • AIG • CEOs • CEO • insurance companies • insurance industry • American International Group • Martin Sullivan

AIG Posts
$5.2B Loss
on Writedown

Giant insurer takes $11B charge on mortgage woes

Wall Street Journal Wall Street Journal Feb 28, 08 5:49 PM CST
(Newser) - 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 »

More about:  Financial Crisis • credit crisis • AIG • writedowns • American International Group • Martin Sullivan • mortgage insurance

Jury Convicts Ex-Insurance Execs in Fraud

Five General Re and AIG officials face
jail over scheme to deceive investors

Bloomberg Bloomberg Feb 26, 08 9:48 AM CST
(Newser) - 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 »

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

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