AIG has announced CEO Bob Benmosche is stepping...
He was worried about his people.
"Just as bad."
Failed to show "extraordinary circumstances."
A heroic return.
"Deal with it."
(Reuters) – Maurice “Hank” Greenberg, the former American International Group Inc chief executive, has more than doubled the size of his class-action lawsuit against the United States over the insurer’s bailout to roughly $55.5 billion from $25 billion.
[credit provider=”Michael Seto / BI”] Groupon’s Andrew Mason released a very honest exit letter yesterday after getting fired as CEO, where he talked about weight gain and Battletoads.He began the letter by saying, “I’ve decided that I’d like to spend more time with my family. Just kidding — I was […]
We recently learned that the hedge fund industry’s new favourite stock is AIG, the beleaguered insurance behemoth that was at the centre of the financial crisis.
Losses from Superstorm Sandy, sale of aeroplane leasing unit drag AIG to a loss American International Group lost $4 billion in the last three months of 2012 as the insurer absorbed costs related to damage caused by Superstorm Sandy and the sale of its aeroplane leasing unit.
Apple is no longer the most-loved stock among hedge funds.
Since AIG’s board considered, and the decided against, suing the U.S. government last week, the idea that AIG would sue the NY Fed is definitely a touchy subject.
[credit provider=”2st Century” url=”http://www.21st.com/landing-pages/en/autopay-lp.jsp”] It’s no secret that brands like Coca-Cola, Apple, and Google had a great 2012 and are poised for an even greater 2013. Not all companies are held in such high regard going into the new year, though.We talked to CoreBrand, which measures the familiarity and favorability […]
NEW YORK (Reuters) – American International Group Inc has filed a lawsuit against a vehicle created by the Federal Reserve Bank of New York to help bail out the insurer, in a bid to preserve its right to sue Bank of America Corp and other issuers of mortgage debt that […]
The Wall Street Journal is reporting that the AIG board of directors has agreed not to join the Starr International lawsuit.
It was only a matter of time before Rolling Stone’s Matt Taibbi threw in his two cents on the AIG vs. the U.S. government issue.
Today AIG will hear arguments for and against its participation in an ongoing lawsuit against the Federal government for the way officials handled the company’s bailout during the housing crisis.
Jan. 9 (Bloomberg) — American International Group Inc. said it has a duty to weigh joining a suit by former Chief Executive Officer Maurice “Hank” Greenberg that claims the insurer’s 2008 U.S. bailout was unconstitutional.
[credit provider=”Wikimedia Commons” url=”http://commons.wikimedia.org/wiki/File:US_Navy_110211-N-6320L-848_Stand-up_comedian_Gallagher_smashes_a_cake_for_Sailors_aboard_the_Nimitz-class_aircraft_carrier_USS_Carl_Vinson_%28CVN_70%29.jpg”] Congressional Democrats Frank Capuano (MA) and Peter Welch (VT) have sent the loudest message to AIG’s board yet, The Hill reports.The insurance company just paid back $182 billion worth of taxpayer bailout money it received throughout the financial crisis. AIG was bailed out in 2008 because […]
Despite receiving one of the biggest bailouts in history, AIG is considering whether or not to join its former chief executive, Hank Greenberg, in a lawsuit against the government for allegedly cheating its shareholders out of millions of dollars and violating the Fifth Amendment.
[credit provider=”Wikimedia/Twp” url=”http://commons.wikimedia.org/wiki/File:Elizabeth_Warren_Nov_2_2012.jpg”] Elizabeth Warren, one of the newest members of the Senate Banking Committee, is sending around a statement about the news that AIG’s board will consider whether or not to sue the U.S. government tomorrow.Warren is known (and maybe feared) for being a major critic of financial institutions […]
Tomorrow insurance company AIG’s board will consider whether or not it should sue the U.S. government for bailing out the company during the country’s financial meltdown.
Hank Greenberg, former AIG CEO, is no slouch. He knows exactly what kind of leverage he has in his quest to get the insurance company to join his lawsuit against the U.S. government for saving it from bankruptcy.
[credit provider=”Wikimedia Commons” url=”http://commons.wikimedia.org/wiki/File:AIG_Lobby_at_70_Pine_Street.jpg”] The word chutzpah comes to mind…Insurance giant AIG is considering suing the government in a $25 billion shareholder lawsuit over bailout terms, the New York Times’ Ben Protess and Michael de la Merced report.
In August, the Daily News reported that AIG execs rapped about their crumby post-bailout lives at a holiday party two years ago. David Corn at Mother Jones (of 47% Mitt Romney video fame) has obtained a video of the performance. The video was from 2010.
[credit provider=”Business Insider”] For all intents and purposes, the U.S. government is now out of its emergency bailout of AIG.And for the most part, observers are pleased that investment turned a $22.7 billion profit.
[credit provider=”screenshot via Jewish Enrichment centre” url=”http://jeconline.com/media/video/dan-loeb”] The Treasury Department said that it has agreed to sell the last of its AIG common stock and has received a positive return on its AIG commitment of $22.7 billion.Shares of AIG were last trading up more than 4.5%.
Just announced by the Treasury: One of the most infamous bailouts is drawing down.
Bloomberg reports that the U.S. Treasury will sell its remaining stake in AIG, the insurer that was partly nationalized during the depths of the financial crisis.
The Supreme Court on Monday refused to hear an appeal by a taxpayer who claimed the government’s 2008 bailout of the insurer American International Group Inc. violated the constitutional separation of church and state.Without comment, the court let stand a June 1 ruling by the 6th U.S. Circuit Court of […]
AIG has agreed to sell 90% of its aeroplane leasing business to a group of Chinese investors in a $5.8 billion deal, the New York Times reports. The investors include the New China Trust Company, the China Aviation Industrial Fund and P3 Investments.
[credit provider=”CNBC”] It’s 13F season, and David Tepper’s Appaloossa Management just turned in its filing to the SEC.Most of the big moves we’ve noticed this quarter so far have to do with tech companies like Groupon and Apple.
[credit provider=”ReutersTV/YouTube” url=”http://www.youtube.com/watch?v=8VuI5a0w2xo&feature=plcp”] AIG CEO Robert Benmosche is nothing if not outspoken. In a recent profile in New York Magazine, he argued that the government should be thanking him and his company for its comeback after a massive bailout and described a rather unique marriage. In an interview with former UBS CEO […]
HONG KONG (Reuters) – American International Group Incis planning to sell its savings and loan business as soon as a federal panel labels the insurance giant “too big to fail,” its chief executive said on Monday.
[credit provider=”CNBC” url=”http://thumbnails.cnbc.com/VCPS/Y2012/M05D03/3000088158/5ED2-CB-RobertBenmosche.jpg”] In this week’s issue of New York Magazine, Jessica Pressler spends pages and pages flushing out the world of colourful AIG CEO and saviour , Bob Benmosche.Benmosche lives on a Croatian vineyard, cusses at rooms full of people, and has threatened to quit his job (a stressful […]
AIG was arguably the most epic disaster of all the epic disasters of the financial crisis. Remember: The company was ultimately on the hook for a significant chunk of those horrid mortgage-backed securities.
The bailout of AIG stands out as the largest commitment of public funds for a single private company in financial history. How did the world’s biggest insurance company become the largest corporate ward of the government, of all time?
[credit provider=”Bloomberg TV via YouTube” url=”http://www.youtube.com/watch?v=6PbJpcFhpUA”] Glenn Tongue, who decided to part ways from T2 Partners this summer to launch is own fund, presented a long case for both AIG at the Value Investing Congress again in Manhattan this week. Tongue told the audience that he thinks AIG is even […]
American International Group, Inc. (AIG), the international insurer that was bailed out by the U.S. government during the economic collapse in 2008, is refreshing its logo as part of a larger rebranding effort.
[credit provider=”AP Images” url=”http://www.apimages.com/secured_user/Download.aspx?st=dl&id=b75368f09b014697af8d7f5553ee1b84&isgb=false”] Sept. 11 (Bloomberg) — American International Group Inc. shares valued at $18 billion were sold by the U.S. government, converting a four-year bailout into a profit for taxpayers.The U.S. sold about 553.8 million shares at $32.50 apiece, the Treasury Department said yesterday in a statement. The […]
Quick, how many billions in the red are taxpayers on the bailout of GM? AIG? Fannie and Freddie? Is it true that the government has reaped a profit from bailing out the banks?
CNBC’s David Faber reports that if you had invested $100 four years ago in Citigroup, Bank of America, Morgan Stanley, Goldman Sachs, AIG and convicted ponzi schemer Bernie Madoff, this is what you would have as of yesterday’s close:
[credit provider=”Business Insider”] Now here’s a pickle…The Treasury has announced that it will sell $4.5 billion worth of AIG stock — $3 billion of which AIG will buy itself — at a price of $30.50.
[credit provider=”wikimedia commons” url=”http://en.wikipedia.org/wiki/File:Avvakum_by_Myasoyedov.jpeg”] We know that during the financial crisis, “pay czar” Kenneth Feinberg had to figure out how insitutions that had accepted loads of tax payer money would compensate their executives.The point of having a czar was to put a cap on comp, and Feinberg who had handled […]
A few days ago brokers at Merrill Lynch were saying a quiet thanks that public attention had turned to the bonuses at AIG, taking focus away from the bonuses that had been paid at their firm last December. “Their pain is our gain,” one Merrill vet told me. In the […]
Fears that a huge tax increase at the firms subject to the 90% bonus tax might shatter the performance of those banks were reflected in the performance of their stocks at the end of the week.
Brian Montopoli of CBS’s Econwatch says we shouldn’t be shedding any tears for Jake DeSantis, the AIG guy whose resignation letter ran in the New York Times today.
AIG just released a statement explaining that the two executives who resigned from its French bank will remain in their roles until an orderly transition to new senior managemers can be undertaken. That presumably means one that doesn’t involve French banking regulators appointing officers, triggering CDS defaults and hammering European […]
Below is a letter purporting to be from en employee at AIG’s Financial Products business. It was titled “A View From Inside Banque AIG.” We haven’t been able to independently confirm that it is genuine but there is nothing in the letter to make us feel otherwise. It’s a great […]
Yesterday we asked “Who Ought To Be Knocked Out?” So far, Jim Cramer is up in the poll by a wide margin. The booth is still open for voting, so go cast a vote.
As AIG execs are trying to recover from their spa scandal, news emerges that officials also spent possibly $500,000 on a golf retreat at the Mandalay Bay Resort in Las Vegas.
Whitney Tilson, the founder and Managing Director of T2 Partners, has been on an unbelievable winning streak lately, being on the right side of Green Mountain Coffee, Barnes & Noble, First Solar, and Netflix.
The Treasury Department announced earlier today that they are freezing CEO pay at GM, AIG, and Ally Financial (formerly GMAC).
Everyone knows that Maurice Greenberg, who used to run AIG, is a China guru. Right? He certainly continues to do very well for himself in the guanxi department. On the other hand, I’m really starting to doubt his expertise:
[credit provider=”NostalgiaAVGNfan via YouTube” url=”http://www.youtube.com/watch?feature=player_embedded&v=pZ-Sy11mvZU”] Goldman Sachs former executive Greg Smith’s op-ed piece in the NYT on Wednesday caused more than a stir, but he’s not the only person to publicly make a fuss when resigning. He’s not even the first banking executive to quit using the NYT’s op-ed page.
The U.S. Treasury Department said that it has sold and priced 206.9 million shares in beleaguered insurance giant American International Group at $29 per share, below yesterday’s close.
Former Deutsche Bank and AIG managing director Heidi Walker and her husband Peter Pfabe plead guilty to defrauding both financial firms yesterday, the New York Post reported.
The New York Federal Reserve announced today that it has agreed to sell former AIG assets with a current value of $6.2 billion to Goldman Sachs.
This post originally appeared at 24/7 Wall St.
CNBC interviewed with AIG CEO Robert Benmosche and it generated this headline:
Credit Suisse has outbid rival firms, including Goldman Sachs, for about portion of bonds the New York Fed acquired from AIG in 2008, the WSJ reports.
[credit provider=”AP”] The Wall Street Journal reports that Goldman Sachs has offered buy a bundle of risky AIG bonds acquired by the NY Fed in 2008. According to sources, Goldman has offered to buy a third of a pool of mortgages with unpaid principal of $20 billion and valued at 47 cents on […]
After months of pushback from Republicans in Congress, President Obama has finally decided to go over their heads and appoint former Ohio Attorney General Richard Cordray head of the Consumer Financial Protection Bureau without them.
AIG CEO Robert Benmosche said in an interview to the Wall Street Journal that he wants to extend his stay as chief executive longer than previously planned.
Merry Christmas, Wall Street, here’s your lump of coal.
We all know Wall Street pays itself handsomely to come into the office.
Hank Greenberg, the former head of AIG, is suing the government over its takeover of the insurance and financial services company during the 2008 crisis.
Love them or hate them, the Wall Street crowd is full of some pretty insane tales.
[credit provider=”Associated Press”] Don’t blame yourself if you missed a few key things this week. Even with one eye on CNBC and the other on your Bloomberg terminal, it’s likely you’d only remember the details emerging from Greece and MF Global.But economic data in the U.S. gave investors some hope, […]
Yeah, remember them?
It costs a lot to deal with bad publicity, and who knows that better than AIG?
[credit provider=”St. Regis”] Back in 2008, a group of AIG executives made headlines when they headed to the St. Regis Monarch Beach in Southern California for a weeklong junket just days after the company received an $85 billion bailout from the federal government (via USA Today).The insurance giant spent $440,000 […]
[credit provider=”Dopey Cowboy” url=”http://thedopeycowboy.com/members/?p=11976″] Bank of America’s lawyers were aware that AIG was prepared to file a $10 billion lawsuit against the institution as early as 7 months before its filing, Reuters reports.Bank of America made no mention of the suit in its quarterly SEC filing, which was released on […]
Just when you thought things couldn’t get any worse for Bank of America.
Today’s advice comes from AIG CEO Robert Benmosche’s interview with CNBC:
Financial Investigator and investigative journalist Roddy Boyd takes on AIG in his new book Fatal Risk. Detailing the long history of the insurance giant’s failure, Boyd describes the evolution of the financial products unit and its unexpected success.
Roddy Boyd — the Financial Investigator and the author of Fatal Risk — tackles AIG’s failure in his new book. Painting a history of the insurance company from the rise of Hank Greenberg to today, he investigates the complex series of events that led to its downfall.
[credit provider=”AP”] Three years ago, I told you that Wall Street’s newest invention—credit default swaps—would cause a major financial crash.Now, I’ll concede that credit default swaps (CDS) weren’t the only cause of the financial meltdown that brought about the collapse of Lehman Brothers Holdings (OTC: LEHMQ) and nearly brought down […]
Roddy Boyd — The Financial Investigator — sets his sights on AIG in his new book Fatal Risk. His book charts the complex history of the insurance giant and probes the many factors that led to its failure.
[credit provider=”youtube.com” url=”http://www.youtube.com/watch?v=o8Peyy2WcCM”] This morning Bruce Berkowitz made an admission to his investors: I was wrong about AIG.Berkowitz’s Fairholme Fund has a massive stake in the insurer and the share price has been tumbling.
[credit provider=”turtletrader.com”] Today AIG will file suit against Moore Capital and ICP Asset Management over a CDO that ICP created called Triaxx, which the insurer says cost it millions, the New York Times reports.ICP was sued over the deal already last year, by the SEC.
There are dozens of books on the financial crisis: I have read many of them and the Kindle samples for just about all of them. There are only two I would recommend: those are Bethany McLean and Joe Nocera’s excellent All the Devils are Here and the much more specifically detailed […]
[credit provider=”NYSD” url=”http://www.newyorksocialdiary.com/node/1902777/print”] AIG announced yesterday it had tapped Morgan Stanley man, Peter Juhas, as Head of Strategic Planning.Juhas was a Managing Director at Morgan, who specialised in insurance and diversified financial companies, and for the past three years, he’s been the lead adviser to the New York Fed and […]
AIG has tapped Wall Street derivatives veteran Peter Hancock to run the insurance giant’s biggest business — its battling property casualty unit — Chartis.
I met Hank Greenberg in late 2000. He was chatting mostly to Ajit Jain – the Berkshire Hathaway reinsurance impresario and I was a spare wheel. But Hank was I thought the most impressive person I had ever met.
AIG has appointed Elizabeth Werner as its new head of IR as the insurance giant seeks to strengthen its relationship with the investment community. Prior to joining AIG, Werner was a director at Bank of America Merrill Lynch, where she focused on insurance stocks and REITs. She will report to […]
[credit provider=”Wikimedia Commons” url=”http://commons.wikimedia.org/wiki/File:LG_JSOSPP7061102.jpg”] Someone tells us that a lot of people are decamping from Deutsche Bank after they heard bonus news. Perhaps that’s why their head of CDS trading and e-trading, Sean George, is going to Jeffries.Hedge funds increased their net leverage in January to the highest level since […]
AIG ended up having to pay part of the multi-million settlements that Duke University paid to the three lacrosse stars who were accused of raping a stripper the team had hired for one of their parties, Crystal Gail Mangum, back in 2006.Duke suspended the three accused students, Reade Seligmann, Collin Finnerty, and David […]
Even though Goldman Sachs execs testified on the Hill that AIG bailout funds it received did not stay with the bank, but were dispersed as compensation to clients and institutions on the other side of a prop trade gone wrong, it actually kept $2.9 billion for itself, according to a […]
AIG shares are down over 14% in trading today, a massive single day drop for the stock.
AIG and the Treasury have picked four banks to lead the first of two possible stock sales of the government’s massive holdings in the insurance giant along with newly issued stock, according to Dealbook.BofA, JPMorgan, Goldman Sachs and Deutsche Bank all secured roles as underwriters in a sale that could […]
So this morning James Gorman (Morgan Stanley’s CEO), Jamie Dimon (JPMorgan’s), and Brian Moynihan (Bank of America’s) all visited the offices of Davis Polk & Wardwell, the law firm that’s advising AIG on the huge share sale that’s coming.
NEW YORK (TheStreet) — When American International Group (AIG) got into trouble more than two years ago, it turned to Blackstone (BX) as one of the few Wall Street players it trusted to help steer it onto more solid ground.
AIG could be close to selling its $510 million dollar stake in private equity giant Blackstone, says Bloomberg.
American International Group is seeing a rebound in its stock after securing $4.3 billion of credit lines from banks. The new credit lines with 36 banks will allow it to get out from under New York Fed funding.
James Gorman talked to CNBC about whats next for Morgan Stanley and why it’s the government’s bank of choice.
We wanted to acknowledge that alongside Richard Holbrooke’s stellar diplomatic service record, he spent many of days as a banker – a job he loved.
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