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NEWS ABOUT: AIG

AIG Comes Out Swinging in $4.3B Lawsuit vs. Ex-CEO

(Newser) - AIG 's longtime CEO sold crucial assets in 2005 out of spite, the company's lawyers charged as they opened their civil suit against the ousted exec today in New York. “Hank Greenberg was mad. He was angry,” said a lawyer for the bailed-out mega-insurer. Greenberg was weeks away... More »

Like Father, Like Son: Dodd Fights for Future

Conn. senator's recent troubles echo those of his disgraced dad

(Newser) - For the second time in recent memory, a Senator Dodd from Connecticut is accused of corruption and faces a rocky political future, Newsweek reports. The current senator, Chris Dodd, is a 28-year veteran and former presidential candidate, but after devising an AIG loophole and appearing to make shady housing deals,... More »

Geithner Back From the Dead, Politically

Once-ridiculed Treasury chief now on top of his game

(Newser) - After a rough start, Timothy Geithner has found his sea legs. Many were calling for the Treasury secretary’s head after his botched handling of February's bailout speech and the AIG bonuses. But, reports Politico, as the economy stabilizes, Geithner’s getting the hang of things. His regular meetings have... More »

Liddy to Leave AIG

(Newser) - AIG chief Edward Liddy is stepping down after eight months on the job, the Wall Street Journal reports. The government appointed Liddy chairman and CEO last fall after the feds bailed out the insurance giant. Liddy recommended splitting the job into two roles and will remain until his replacements are... More »

Obama Wants to Tame Wild Derivatives Market

(Newser) - President Obama wants to put the so-called dark markets under control, the New York Times reports, seeking congressional approval to regulate the byzantine world of derivatives trading—which played a large role in the current financial mess. In a letter to lawmakers, Treasury chief Timothy Geithner calls for an oversight... More »

Fed Knew of AIG Bonuses 5 Months Before Storm

Geithner's New York Fed planned for controversy in Sept. '08

(Newser) - Senior officials at the New York Federal Reserve knew about AIG's plans to pay large bonuses more than 5 months before controversy erupted, according to documents seen by the Washington Post. Correspondence and phone records show that the central bank was working with AIG, lawyers, auditors, and PR firms to... More »

Top Subprime Lenders Owned by Bailout Banks

Analysis of gov't data reveals sources of the economic meltdown

(Newser) - Some 21 of the top 25 subprime lenders that triggered the global economic collapse were either owned or financed by banks that ended up needing bailouts, an analysis by the Center for Public Integrity finds. Among the backers, who make huge profits on the subprime business, were Lehman Brothers, Merrill... More »

AIG's 2008 Bonus Pool Rises to $454M

Company gives congressman the biggest figure yet

(Newser) - Lawmakers and journalists keep pressing AIG about how much it paid out in bonuses in 2008, and the number keeps getting bigger, reports Politico. In response to a query from Rep. Elijah Cummings, the company now says it paid $454 million, about 4 times the figure it told Politico in... More »

Credit Rating Agencies Off-Base But Bullet-Proof

(Newser) - Until the day Lehman Brothers declared bankruptcy, all three of the major credit-ratings agencies swore its debt was safe, rating it A or better. They rated AIG at AA. And they gave 75% of the $3.2 trillion of subprime mortgage securities iron-clad AAA ratings. Moody’s, S&P and... More »

Goldman Back on Top, Thanks to Uncle Sam

Competitors killed off, AIG conveniently saved, bank rakes in profits

(Newser) - Goldman Sachs reported a $1.8 billion profit yesterday, and it owes it all to its helpful Uncle Sam, writes William Cohan in the New York Times. “Government Sachs,” as it’s come to be known, has been pulling Washington’s strings for years, and now its competitors... More »

Kids to AIG: 'Not All of USA Hates You'

(Newser) - It seems fourth-graders have a greater store of empathy than the rest of this crisis-wracked nation. When a Houston teacher asked students how they felt about the AIG bonus scandal, it provoked the usual boos and hisses. But when she put the kids in an AIG employee’s shoes, they... More »

AIG Bailout Has Failed: Greenberg

Government should focus on reducing stake, restructuring firm, former CEO says

(Newser) - AIG’s former CEO told Congress today the bailout of the insurance firm has “failed” and that the government should restructure the company, the Wall Street Journal reports. At a House committee hearing, Hank Greenberg said he blamed his successors for the firm’s implosion: "I think they... More »

Former AIG Chief Greenberg to Testify Today

'I don't feel any responsibility,' 38-year CEO says of AIG

(Newser) - Former AIG chief Maurice “Hank” Greenberg will go before a House committee on Capitol Hill today, testifying about the world-wide conglomerate that is now the most infamous culprit of the financial crisis, despite efforts by both the GOP and current AIG management to undercut his credibility. Greenberg is expected... More »

Grassley Opens Mouth, Inserts Foot

Alternate headline for long image right layout: Gaffe Machine Grassley Isn't Sorry / Dek: That's just how we talk in Iowa, he insists

(Newser) - Chuck Grassley has been on a roll. First, he told AIG execs to commit seppuku, then he accused the company of "sucking the t— of the taxpayer." Then, in a back-and-forth with Kent Conrad, he had his YouTube moment: "Oh, you’re good," the Senate budget... More »

Obama Fully Invested as CEO-in-Chief

In Detroit and on Wall St., president decides to run things his way

(Newser) - Though he entered office with relatively little business experience, the past week has seen President Obama assume the role as “the most powerful player in American business today,” Mike Allen and Jim VandeHei write for Politico. “He’s realizing, ‘Hey, the economy’s mine now, and... More »

AIG's Woes Point to Larger Insurance Crisis

Federal aid may offer AIG a competitive advantage in ailing industry

(Newser) - AIG’s troubles were quickly blamed on a single, obscure wing of the company, but its problems extend to its core life-insurance division—underscoring dangerous weaknesses across the entire industry and pointing to the possibility of a second financial crisis, the Los Angeles Times reports. What's more, by offering AIG... More »

Geithner on AIG: 'We Had No Good Choices'

Gates backs Obama on Afghanistan; Petraeus says Cheney wrong

(Newser) - Timothy Geithner may have reignited the AIG bonus brouhaha on ABC’s This Week just as calls for his ouster had begun to subside. “We had no good choices. The contracts were set,” he said, insisting Treasury acted quickly to renegotiate the parts of the bonuses it could.... More »

Will the Real Chris Dodd Please Stand Up?

Senator part populist, part bank ally

(Newser) - Chris Dodd is a man of contradictions, writes David Whitford for Fortune. The Democratic senator portrays himself as a populist; he’s passed consumer-protection and family-issues laws, and he staunchly opposed the bankruptcy bill. But he’s also received loads of cash from financial companies, including AIG, and played a... More »

AIG Honchos Quit Paris Office, Spurring Fears of Default

$234B at stake as top managers walk

(Newser) - Two of the top managers at AIG's Paris unit have resigned, reports the Wall Street Journal, leaving the insurer scrambling to avoid potential defaults on $234 billion in derivative transactions. The complicated scenario results from a French law that says regulators must approve of the managers' replacements or else pick... More »

AIG Bonus Recipients in Europe Cry Blackmail

(Newser) - Some AIG executives in Europe think the demands that they return their bonuses are tantamount to "blackmail," Reuters reports. In fact, a compliance officer for Banque AIG unit in London asked UK authorities to determine whether the demands for repayment constitute extortion. He encouraged others in an email... More »

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