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December 2, 2008 9:51:36 PM CST


Martin Sullivan

Martin Sullivan news stories

5 Stories

AIG Execs Took Spa Week After $85B Bailout

Former CEOs appear before skeptical House to defend spending

(Newser) - After being bailed out by Washington, AIG executives engaged in some conspicuous consumption, and it’s still going on, Portfolio reports. Two former CEOs of the insurance giant testified before the House today, and lawmakers took them to task for reckless compensation and an executive retreat at a California spa less then a week after the government forked over $85 billion. More »

GLOSSIES

Feisty Exec Straddles Two Financial Crises

Greenberg's clout evident in AIG ouster, bailout of Lehman

(Newser) - At age 83, Hank Greenberg is on anything but a quiet path to retirement. The legendary exec is smack in the middle of two of the biggest financial stories of the day—the upheaval at insurance giant AIG and the struggle to salvage Lehman Brothers. Portfolio looks at Greenberg's reversal of fortune since his resignation from AIG in 2005 after 4 decades. More »

More about:  Financial Crisis Lehman Brothers AIG finance Hank Greenberg Martin Sullivan

 Embattled AIG CEO Steps Down 

Board replaces Sullivan with Citi exec Willumstad

(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 »

Mammoth Writedowns Hammer AIG

Insurance giant posts $7.8B 1Q loss as
credit woes continue

(Newser) - American International Group posted a record-breaking $7.8 billion first-quarter loss yesterday, reports the Wall Street Journal . The insurance giant blamed the poor results on the sagging housing market, the credit crunch and the see-sawing stock market. It announced plans to raise $12.5 billion to patch up the damage to its balance sheet from heavy writedowns. More »

More about:  Financial Crisis credit crisis AIG JPMorgan Chase writedowns insurance quarterly results losses derivatives market Martin Sullivan

AIG Posts
$5.2B Loss
on Writedown

Giant insurer takes $11B charge on mortgage woes

(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

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