AIG

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AIG Chief: Bonus Backlash 'as Bad' as Lynchings

Robert Benmosche's comment prompts call for his resignation

(Newser) - Doing nothing to help rehabilitate the public image of bankers, AIG's CEO Robert Benmosche has sparked outrage by comparing backlash over the millions in bonuses the company paid staff in 2009 to racist lynchings. The uproar "was intended to stir public anger, to get everybody out there with... More »

And the Most Reputable Company in America Is...

Amazon takes top spot from Apple, while AIG is the big loser

(Newser) - Which American businesses have the best rep? Look toward the retail and electronics industries, reports MarketWatch , which shares the results of the latest Harris Interactive survey of the country's top 60 companies. It looked at six factors, among them product quality and how employees are treated. Among the leaders:... More »

AIG: OK, We Won't Sue You, America

Board will not join shareholders' lawsuit

(Newser) - AIG's board of directors has apparently decided that another onslaught of bad publicity isn't worth any price. American International Group decided today that it will not join a shareholder lawsuit against the government that bailed it out, reports the Wall Street Journal . That the board was even considering... More »

AIG Mulls Suing the Feds ... for Bailing It Out

Firm may join shareholder lawsuit over bailout terms

(Newser) - AIG has been running "Thank you America" ads after paying off its $182 billion bailout, but it's also considering suing the very government that kept it afloat, reports the New York Times . The insurance giant's board will meet tomorrow to debate joining a shareholder lawsuit that claims... More »

US Hawks Last AIG Shares, Pushes Profit to $22.7B

Treasury to bring in $7.6B in sale today

(Newser) - The US is getting ready to sell off Uncle Sam's remaining shares in AIG—and when it's all over, the government's bailout of the company will have resulted in a $22.7 billion return, the Treasury Department says. It's selling some 234 million common shares today... More »

US Selling Off $18B Stake in AIG

With sale, US will be minority shareholder for first time since bailout

(Newser) - The US government is selling another $18 billion in AIG, a move that will make it a minority stakeholder for the first time since bailing out the insurance giant in 2008, reports the Wall Street Journal . Four other sales since March 2011 have reduced the government's stake in AIG... More »

AIG Boss: Get Ready to Retire at 80

Robert Benmosche makes gloomy comment in response to EU debt crisis

(Newser) - Europe's debt crisis proves the need for governments around the globe to take big steps to get their economies back on track—and that may mean their citizens working for an extra decade ... or two. AIG's chief executive expects the retirement age to ultimately jump to "70,... More »

Taxpayers Still Have $132.9B Stuck in TARP

Government trying to unwind stock without losing on the deal

(Newser) - The Treasury Department has had a tough time selling off some of the stock it took on in exchange for TARP bailout funds, meaning taxpayers are still on the hook for some $132.9 billion—some of which they may never get back, according to a report released today by... More »

Ex-AIG CEO Sues US Over Bailout

They say takeover violated investors' fifth amendment rights

(Newser) - Former AIG CEO Hank Greenberg is suing the US government for $25 million for having the effrontery to bail out the dying insurer. Greenberg was ousted in 2005 after allegedly cooking AIG’s books to inflate its value, but still had a keen interest in the company during the bailout,... More »

Bank of America Didn't Disclose AIG Lawsuit Threat

But it's not clear if they legally had to

(Newser) - Bank of America knew that AIG was about to try to sue its pants off as far back as January, but it never told investors on any of its conference calls or in any of its regulatory filings, sources tell Reuters . Public companies are supposed to disclose legal threats to... More »

SEC Shredded Files to Cover Up Crimes: Whistleblower

Matt Taibbi reports on an insane, probably illegal practice

(Newser) - Police aren’t generally in the habit of destroying evidence from failed investigations—but the SEC is, according to one whistleblower. SEC attorney Darcy Flynn spilled the beans to Congress in July, saying that the SEC routinely destroys all documents related to its preliminary investigations if they don’t proceed.... More »

AIG Sues Bank of America in Attempt to Recover Billions

Says it was misled about quality of mortgage-backed securities

(Newser) - With the Justice Department filing few criminal charges related to the financial crisis, AIG is taking action of its own: The mostly taxpayer-owned firm is preparing to sue Bank of America for allegedly misleading it about the quality of Bank of America's mortgage-backed securities—an accusation that gets to... More »

Treasury Headed for Underwhelming AIG Sale

Given current market, they'll make $9 billion in small sale

(Newser) - The Treasury has decided to go through with a plan to sell 300 million AIG shares, despite recent blows to the nationalized insurer’s market price, sources tell the Wall Street Journal . Given the sagging demand, the government expects to make around $9 billion in the small offering, which is... More »

Obama's 6 Recess Picks Include AIG Consultant

President bypasses Senate on stalled appointments

(Newser) - President Obama bypassed the Senate yesterday to make six recess appointments, the most controversial being a deputy attorney general whose links to the insurance giant AIG had stalled his confirmation. Obama first nominated James Cole to the No. 2 Justice Department post in May, but GOP lawmakers blocked his confirmation... More »

AIG's Stock Up 97%: Success Story of the Year?

Insurer has shot up 97% in 2010

(Newser) - Don’t look now, but financial crisis punchline AIG has had a monster year on the market, with its stock soaring 97% to $58.93. Of that, 42% was gained in December alone. That makes the insurer the fourth-best performer on the S&P 500 this year, and puts the... More »

AIG Reaches Deal to Repay Government

US will eventually no longer own the company

(Newser) - AIG said today it's reached a deal to repay billions of dollars it received during the credit crisis. The plan could return a profit to taxpayers who footed the bill for AIG's near collapse in September 2008 and will eventually remove the government as majority owner. AIG became a lightning... More »

GOP's 'Pledge' Written by Former Oil, Pharma Lobbyist

Boehner aide lobbied for AIG, Exxon, Pfizer, Chamber of Commerce

(Newser) - The new “ Pledge to America ” the GOP intends to unveil today, as a kind of sequel to the "Contract with America" of old, was written by a guy who was, until a few months ago, a lobbyist for insurance giant AIG, along with big oil and pharma... More »

AIG Exit Plan Speeds Up Taxpayer Payback

Sale of US shares could start next year

(Newser) - The Treasury and AIG are negotiating a plan that will allow the government to sell off its massive stake in the insurance company and repay taxpayers in full—over several years. Under the plan, the US would convert its $49 billion in preferred shares into common shares, likely increasing the... More »

US Bailout Funds Aided Foreign Firms

Watchdog says TARP spending aided France, Germany

(Newser) - A big slice of the $700 billion in bailout funds the US poured into the financial system ended up helping foreign companies, according to a report from a congressional watchdog agency. Because the Treasury Department failed to gather enough information on the flow of money, it ended up taking on... More »

Bailout Tab Plummets; Companies Quick to Repay

Expected costs down from $250B to $89B in past year

(Newser) - The financial bailout is looking a lot less expensive these days: At a projected $250 billion just a year ago, the expected federal bailout tab is now down to $89 billion—less than the government paid for the savings-and-loan crisis 20 years ago. The falling bailout costs come thanks to... More »

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