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NEWS ABOUT: AIG

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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

(AP) - 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

(AP) - 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 »

Dow Up 3; Financials Climb

Investors predict payroll gains for March

(Newser) - Gains in financial stocks kept the markets afloat today. Both AIG and Citigroup closed up, in part because of a successful offering of $2 billion in trust preferred securities, the Wall Street Journal reports.
  • The Dow gained 2.95 points to close at 10,567.33.
  • The Nasdaq added 18.
... More »

Dow Climbs 79 on AIG Deal

Manufacturing employment rises

(Newser) - News of Prudential's agreement to buy AIG's Asia division sowed confidence on Wall Street today. Stocks rose, boosted as well by a jump in manufacturing employment, the Wall Street Journal reports.
  • The Dow rose 78.53 points to close at 10,403.79.
  • The Nasdaq added 35.31, closing at
... More »

AIG Close to $35B Sale—and $16B Bailout Payback

Asian unit to be bought by British Prudential

(Newser) - A British company is about to buy the Asian unit of insurance giant AIG in a $35 billion deal that would enable AIG to make the biggest repayment yet toward its $180 billion bailout debt to the US government. British Prudential's purchase of Hong Kong-based AIG unit AIA would yield... More »

AIG Slashes Bonuses, Will Still Pay Out $100M Tomorrow

News not sitting well with lawmakers

(Newser) - Good news, if you’re not keen on bailed-out firms handing out bonuses: AIG has trimmed by $20 million those due to current and former employees in March. The bad news: The insurance giant that was the largest recipient of US bailout funds is still going to pay out $100... More »

House Grills Geithner on AIG

Treasury Secretary defends big bailout as necessary

(Newser) - Timothy Geithner defended the AIG bailout he helped engineer today, in testimony before a House Oversight Committee that was out for blood. “In effect, the taxpayers were propping up the hollow shell of AIG,” declared chairman Edolphus Towns, “and the rest of Wall Street came by and... More »

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... More »

Dow Up 24; Traders Stay Cautious

Markets recover after last week's bloodbath

(Newser) - Stocks posted gains today as some investors bought up bargains in the wake of last week's big losses—but volume was light as most remained cautious ahead of the State of the Union address, a hearing on AIG's bailout, and a Fed interest-rate decision, the Wall Street Journal reports.
  • The
... More »

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