Remember those pesky mortgage-backed securities the Federal Reserve had to take off AIG's hands at the worst of the financial crisis?
As he helped orchestrate the Wall Street bailouts, William Dudley -- now president of the New York Fed -- owned more than $100,000 stock in AIG and General Electric, two firms that received government assistance.
Are you ready for some earnings? The good news is that profits, at first blush, will be solid. But when you look beneath the surface, results won't be nearly as robust.
The former head of the American International Group sued the U.S. government for $25 billion on Monday, claiming officials should have bailed out AIG instead of taking it over.
American International Group is back in the red. Way in the red.
Bailed out insurer American International Group dropped another $2.15 billion into the coffers of the Treasury Department on Thursday.
Bank of America shares plunged 20% Monday, fueled in part by a steep selloff in the broader market and news that insurer American International Group is suing it for billions of dollars over alleged mortgage securities fraud.
Bailed out insurer American International Group posted a second-quarter profit Thursday, even as its shares plunged to their lowest level since early last year.
Investment experts always counsel against putting money into mutual funds on a run of smoking-hot performance. A long-term record is the real test. But what to make of enduring stars whose results have fallen to earth? Is it a sign they've lost their golden touch -- or just a lull before another blistering streak?
It's been a pretty good week for the Treasury Department's bailout program.
Shares of American International Group's long-awaited stock sale priced at $29 apiece late Tuesday to raise $8.7 billion, leaving the U.S. government with a tiny profit on the offering, the company and Treasury Department announced.
Goldman Sachs received nearly $3 billion from AIG for "proprietary" transactions after the insurance company had been bailed out by the government, according to a federal inquiry.
American International Group, which received a massive bailout in 2008, said Wednesday that it expects to complete a recapitalization by the end of the week that will allow it to fully pay back the government.
U.S. stocks ended Monday mixed as investors digested a surprise interest rate hike by the Bank of China and a blizzard put a damper on post-holiday retail sales.
Stocks drifted higher Wednesday as a rebound in bank shares offset weakness in commodities and concerns about rising interest rates in the Treasury market.
Two years after the $700 billion Troubled Asset Relief Program was launched, the Congressional Budget Office now estimates the government's economic rescue package will cost taxpayers $25 billion.
The Treasury Department changed its accounting style and produced an overly optimistic estimate of taxpayer losses in the AIG bailout, the special investigator for the federal bailouts said in a report released Monday.
AIG said Friday that it lost $2.4 billion in the third quarter on sales of insurance units, proceeds of which it plans to use to pay back the U.S. government.
The Treasury Department's multi-billion dollar bailout of American International Group moved into the black after the insurer completed two transactions that raised nearly $37 billion, the department said Monday.
AIG said Thursday it has reached agreement on a plan that it will end its multi-billion dollar bailout from the federal government and provide for the full repayment to U.S. taxpayers.
The U.S. government and AIG are finalizing a plan for how the Treasury Department would exit its majority stake in the insurance giant, according to several published reports.
The $700 billion bank bailout program helped rescue overseas economies, but international bailout programs did little to help the United States in return, according to a report from a congressionally appointed watchdog group released Thursday.
Insurer AIG reported a quarterly net loss Friday due to the sales of some of its divisions, as the company undergoes a restructuring following its government bailout.
American International Group is expected to report another quarterly profit Friday. But the elephant in the middle of the room is staying put.
So-called "fund manager of the decade" Bruce Berkowitz has upped his stake in AIG, to the point that his $14 billion stock fund owns nearly a quarter of the troubled insurance company.
As investigators comb through the wreckage of the financial meltdown, one fact remains clear and startling: Credit default swaps and collateralized debt obligations, as well as debt and equity from large financial firms were useless as indicators of fiscal health. One of the biggest revelations has been the utter failure of markets to capture the relevant information required to set accurate prices on securities.
Joseph Cassano, the man who ran the business at the center of AIG's collapse, spoke unapologetically about his tenure during a hearing Wednesday, suggesting he could have perhaps helped save the insurance giant had he been allowed to stay on at AIG.
The federal government could have pressed the private sector to help rescue AIG when the company was on the verge of collapse in September 2008, a government watchdog has found. Instead, it let Wall Street off easy.
Taxpayers have lent AIG $132.6 billion, but getting that money back is looking less likely.
AIG and Prudential PLC formally terminated a deal for an Asian life insurance unit on Thursday that would have accelerated AIG's bailout repayment to the U.S. government.
AIG on Tuesday rejected Prudential PLC's lower bid for an Asian life insurance unit, jeopardizing a deal that would have accelerated AIG's bailout repayment to the U.S. government.
An overseer of the $700 billion financial sector bailout said Wednesday that insurer AIG lacked regulation, leading to a taxpayer-funded rescue that "broke all the rules."
The U.S. Justice Department has concluded its criminal probe into AIG and will not pursue charges against the insurer or its senior executives.
Troubled insurer AIG reported a quarterly profit Friday, as the company's core insurance businesses continued to stabilize.
As legislators continue to trade loud barbs over the details of the bill that seeks to overhaul our financial system, we risk losing a crucial aspect of reform in the din.
It's hard to think of AIG as a victim after the insurer made failed bets that were so big, taxpayers were forced to bail the firm out to the tune of $182 billion.
updated: Mon Apr 19 2010 21:15:00
CNN's Richard Quest sits down with the former head of AIG and current CEO of C.V. Starr, Hank Greenberg.
Many believe that corporate greed brought on the Great Recession, yet Friday's fraud charge against Goldman Sachs is one of only a few federal lawsuits to come out of the economic downturn.
The AIG story that just won't go away is entering phase two.
Investors had a funny way of commemorating the first anniversary of the market's bottom on Tuesday. They rewarded some of the stocks responsible for most of the problems in the first place.
Global financial reform topped the agenda Tuesday as President Obama huddled with Greek Prime Minister George Papandreou, whose country is at the center of Europe's debt crisis.
After selling off its second "crown jewel" insurance business in a week, AIG has made a sizeable dent in its plan to repay its debt to taxpayers.
U.S. stocks were set to open higher Monday, as investors weighed another deal involving insurer AIG.
AIG agreed Monday to sell its American Life Insurance Co. unit to MetLife Inc. for $15.5 billion in cash and stock, in beleaguered AIG's second sale of an international unit in a week.
AIG said Monday that it had reached a definitive agreement to sell its Asian life insurance business to Britain's Prudential PLC in a deal valued at $35.5 billion.
Stocks were poised to open higher after AIG reached a deal to sell off its Asian unit and investors digested the latest news on personal income and spending.
Britain's Prudential PLC confirmed Monday that it is in advanced talks to buy the Asian life insurance business of bailed-out insurer American International Group Inc.
Stocks ended little changed Friday as investors showed caution after a surprise drop in existing home sales, a surprise rise in GDP growth and AIG's worse-than-expected quarterly decline.
AIG reported a substantial fourth-quarter loss Friday, largely due to costs associated with selling off large stakes in its insurance businesses to reduce the debt it owes to taxpayers.
U.S. stocks were headed for a lower open Friday after a dismal report from AIG dashed hopes for an opening advance. A stronger than originally reported GDP report failed to boost sentiment.
After two straight profitable quarters, AIG is expected to report a substantial loss for the fourth quarter when the troubled insurer announces its latest financial results Friday morning.
The Federal Reserve is looking into what role Goldman Sachs and other Wall Street firms may have played in Greece's debt problems, Fed Chairman Ben Bernanke said Thursday.
Anastasia "Stasia" Kelly, 60, joined American International Group as general counsel in September 2006, midway between the ouster of longtime CEO Maurice "Hank" Greenberg in 2005 and the AIG Financial Products crisis in 2008 that forced the U.S. government to take control of AIG.
AIG has decided to keep up to $500 billion of assets that have been widely blamed for bringing the company to its near collapse, according to news reports.
AIG announced on Wednesday that it is changing the way it pays out bonuses to its employees, opting to determine compensation based on performance.
AIG is planning another round of bonus payments worth a total of $100 million for current and former employees of its troubled financial products division, according to the company.
Treasury Secretary Timothy Geithner told lawmakers Wednesday that he had no involvement in an apparent attempt by government regulators to withhold crucial information about AIG's bailout from the public.
Wanna see for yourself the confidential AIG documents that lawmakers are up in arms about? Go to SEC.gov.
A day after facing furious lawmakers on Capitol Hill, Treasury Secretary Tim Geithner told CNN on Thursday that he would forever "carry the burden" of the decision to bail out AIG but defended it as the government's only option.
The shelf life for a Treasury secretary is often pretty short. Timothy Geithner may be nearing his expiration date.
AIG and the Federal Reserve Bank of New York have become targets of an investigation into whether the overseer had instructed the troubled insurer not to disclose certain key information to the public.
In the latest move to placate critics, Federal Reserve Chairman Ben Bernanke on Tuesday invited the audit arm of Congress to review the Fed's bailout of American International Group.
The AIG bailout isn't going away, much as Treasury Secretary Tim Geithner might like it to.
AIG has reportedly changed its plans for restructuring its insurance business and its strategy for paying back the $70 billion it still owes taxpayers.
AIG announced Tuesday that it completed a deal wiping out $25 billion of its debt to taxpayers by selling stakes in two subsidiaries to the Federal Reserve Bank of New York.
AIG said Wednesday it agreed to settle long-standing legal disputes with the insurance giant's former chairman, Maurice "Hank" Greenberg.
Federal regulators, in rushing to rescue AIG last year, failed to use their clout to negotiate concessions from business partners of the troubled insurer, a bailout overseer said on Monday.
AIG Chief Executive Robert Benmosche told his staff on Wednesday that he is "frustrated" with ongoing discussions with the government about bonuses, but he will remain with the company.
AIG reported its second profitable quarter in a row early Friday, as stabilization in its insurance businesses, and the credit and mortgage markets helped boost results.
Generosity doesn't make bonuses smaller. Some critics of huge bank payouts apparently would go easier on recipients who give a chunk of their winnings to charity.
Congress is resurfacing its outrage over AIG's bonuses after a report detailed the vast scope and scale of the troubled insurer's executive compensation plan.
The Treasury Department, after missing an opportunity to rein in controversial bonuses to AIG employees last year, is now pressing the bailed out insurer to reduce a $198 million bonus pool, according to an overseer's report released Tuesday.
What to do with Wall Street's gluttonous gatekeepers?
Since being named AIG's chief executive in August, Robert Benmosche's brashness has unnerved board members and raised the ire of Congress.
AIG has stabilized thanks to a massive government bailout, but more than $120 billion in taxpayer loans to the insurance company remain at risk, according to a report issued Monday by a bailout overseer.
It may have been the shortest tenure as CEO of AIG when Bob Willumstad led the insurance giant during the summer of 2008, but oh, what a long three months those were.
Almost a year after it nearly collapsed, American International Group has only just found a chief executive who might stick around for a while. It has been a slow start to a marathon that began when Lehman Brothers went bust in September last year.
The market keeps chugging along. But with speculative stocks like AIG and Vonage leading the way, you have to wonder if the rally won't soon go off the rails like Ozzy Osbourne's Crazy Train. Ay-Ay-Ay!
AIG's stock closed at $47.84 on Thursday. At the start of the month, shares were trading at a mere $13.14.
Banks are still failing left and right, and according to a recent survey of top financial services leaders, a big majority of bank executives think that a recovery in their industry will lag an overall economic rebound.
Shares of AIG jumped as much as 31% Thursday after newly appointed CEO Robert Benmosche said he was optimistic about returning the troubled insurer to its former glory.
AIG's new boss will make an annual salary of $3 million and receive bonuses and stock options worth millions more, according to a company filing on Monday.
AIG may have reported its first quarterly profit in nearly two years on Friday, but the company still has a long way to go before it can repay the billions of dollars it owes U.S. taxpayers.
Less than a year after it nearly brought down the financial system with a misguided derivatives bet, AIG is everyone's favorite lottery ticket.
Troubled insurer AIG did not pay $2.4 million in bonuses scheduled to be delivered to top executives on July 15, according to a Treasury official nominee.
Lawmakers are quickly learning that "too big to fail" may be too complex to legislate away.
Maybe AIU sounded too much like AIG.
Bailed-out insurer AIG again found itself in the crosshairs of bonus rage on Friday over its plans to pay $2.4 million in executive bonuses next week.
AIG shareholders, a.k.a. U.S. taxpayers, ousted the majority of the company's leadership at AIG's annual shareholders meeting Tuesday, removing the overseers of one of the biggest corporate unravelings in American history.
AIG is expected to formally install its new board on Tuesday, when the company holds its first annual shareholders meeting since U.S. taxpayers were given majority control.
Since it is chillingly clear that U.S. financial institutions have for a good while been regulated no more stringently than, say, demolition derby drivers, Washington has belatedly locked the garage door and begun to debate strict new rules. The blueprint at hand is President Obama's sweeping proposal in mid-June to revamp the responsibilities of government agencies and impose new regulations on the financial establishment. Nothing about this plan will fall easily into place: Too many government agencies will dig in their heels. Too many financial companies will battle every aspect of reform that threatens their bottom lines.
The government bailout of banks, lenders, Bear Stearns and AIG brought in billions of dollars to the Federal Reserve in the first quarter of 2009.
Manchester United will soon shed the AIG logo, the British soccer team announced Wednesday, officially ending its association with the fallen insurance giant next year.
AIG Chief Executive Edward Liddy announced Thursday that he plans to step down from the company once the insurer's board of directors finds a replacement.
The furor over AIG's controversial bonuses is boiling over again.
AIG Chief Executive Edward Liddy will appear before a House committee Wednesday to lay out the company's plan for paying back billions of taxpayer dollars.
Embattled insurer AIG reported its sixth-consecutive quarterly loss on Thursday, but the $4.4 billion loss narrowed sharply from the previous quarter's record-setting loss.
updated: Fri May 01 2009 12:06:00
CNN's Campbell Brown asks if AIG execs who received bonuses are being too harshly targeted by politicians and the public.
Let's take a look at the other side of the witch hunt for executives who received bonuses from AIG.
AIG made the first big dent Thursday in its mountain of IOUs to taxpayers.
Loading weather data ...
© 2013 Cable News Network. Turner Broadcasting System, Inc. All Rights Reserved.
|