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Fed turns down AIG bid to rebuy dodgy assets

The Federal Reserve Bank of New York has turned down an offer by American International Group to repurchase dodgy mortgage bonds that the Fed had taken off the insurance company’s hands during the financial crisis. Get the full story »

Leasing giant orders 133 jets from Boeing, Airbus

International Lease Finance Corp, the world’s biggest plane leasing company, said it will order 100 narrowbody planes from EADS unit Airbus and 33 narrowbodies from Boeing Co., and scrap an order for 10 Airbus A380 super jumbo aircraft.

The orders from the aircraft leasing unit of insurer American International Group Inc. are potentially worth $11.2 billion at average list prices. The canceled A380 order, which had been in jeopardy for some time, was potentially worth $3.75 billion. Get the full story »

AIG pays more funds back; TARP recovery at 70%

American International Group repaid another $6.9 billion of its bailout on Tuesday, the U.S. Treasury said.

With that payment, the Treasury said it has now recovered 70 percent of the $411 billion distributed under the crisis-era Troubled Asset Relief Program, or TARP. Get the full story »

3 years into federal bailout, costs declining

Almost three years after a series of government bailouts began, what many feared would be a deep black hole for taxpayer money isn’t looking nearly so dark.

The brighter picture is highlighted by the outlook for the bailouts’ centerpiece — the $700 billion Troubled Asset Relief Program.

“It’s turning out to cost one heck of a lot less than what we all thought at the beginning,” said Ted Kaufman, a former U.S. senator from Delaware who heads the congressionally appointed panel overseeing TARP. Get the full story »

Benmosche well enough to remain CEO, AIG says

Bob Benmosche will continue as chief executive of bailed-out insurer American International Group Inc., having made sufficient progress in his treatment for cancer, the company said Monday.

AIG said last October that Benmosche was receiving aggressive chemotherapy for an undisclosed cancer but that he intended to remain CEO into 2012, health permitting. Benmosche said in a statement his doctors believed he could continue working for 12 to 18 months. Get the full story »

U.S. auditors: AIG could repay taxpayers in full

Government auditors say taxpayers might be repaid in full for the bailout of insurance giant American International Group Inc.

The Government Accountability Office said in a report Thursday that the final cost of the rescue depends increasingly on the strength of AIG’s business and its stock price. Get the full story »

AIG names banks to manage sale of U.S. stake

AIG chose Bank of America, Deutsche Bank AG, Goldman Sachs Group Inc. and JPMorgan Chase & Co. to manage the sale of the government’s 92 percent stake in the insurer, a person familiar with the situation said on Tuesday.

Sources have said that the process likely will begin with a secondary offering in May that could be one of the 10 largest in history. The government is expected to sell at least $15 billion in AIG shares then, and the company is expected to sell another $3 billion.

AIG, Treasury, Fed complete recapitalization deal

The Treasury on Friday said it completed a massive recapitalization of bailed out insurer American International Group, paying off the New York Federal Reserve Bank and giving the U.S. government a 92 percent equity stake in the company. Get the full story »

Bankers line up to handle AIG share sale

Some of the United States’ top bankers descended on a law firm in Manhattan on Thursday to make a pitch for managing what could be one of the largest share sales in history — a secondary offering for bailed-out insurer American International Group Inc.

JPMorgan Chief Executive Jamie Dimon was among the executives attending the meeting. Dimon entered the building of law firm Davis Polk & Wardwell LLP just after 9:30 a.m. EST in New York. Asked how the meeting went as he left, Dimon laughed and said: “How’d what go?” Get the full story »

AIG deal to close next week: Source

The recapitalization deal for bailed-out insurer American International Group is done and all but certain to close on January 14, a person familiar with the situation said on Friday. Get the full story »

AIG to pay $100 million in workers’ comp fines

Bailed-out insurer American International Group will pay $100 million in fines in a settlement with all 50 states over reporting errors for premiums on workers’ compensation insurance. Get the full story »

U.S. plans two large AIG stock sales in 2011

The Treasury Department plans to sell a large piece of its stake in American International Group in two stock offerings next year, officials briefed on the situation told Reuters. Get the full story »

AIG comes out of hiding on employee ID cards

Bailed-out insurer American International Group took another step in its restructuring this week, but it is only noticeable to those looking closely: it put the company’s logo back on employee identification cards. Get the full story »

AIG, Treasury plan large stock sale

The government's bailout of AIG during the financial crisis caused controversy, but an offering of AIG stock could come as early as March. Here, workers protest outside of AIG's Chicago offices in 2009. (AP Photo/M. Spencer Green)

The U.S. Treasury could cut its stake in bailed-out insurer American International Group by as much as 20 percentage points through a large stock offering in the first half of 2011, sources familiar with the matter said.

AIG and the Treasury would both sell stock in the offering, which could total more than $10 billion, according to the sources.

The government has seen strong market appetite for stock in bailed-out companies in the past few months, allowing it to be more aggressive in winding down its unpopular rescue of financial firms and other businesses. Get the full story »

Banking giants leaned heavily on Fed in crisis

Goldman Sachs CEO Lloyd Blankfein testifies before a Senate investigative committee on Capitol Hill, April 27, 2010. (Jim Watson/AFP/Getty Images)

Goldman Sachs, Citigroup and other big U.S. banks repeatedly sought help from the Federal Reserve during the financial crisis, according to data on Wednesday that showed just how precarious their situation was at the time.

Many of the firms now boasting solid profits had to rely on funding from the U.S. central bank, which essentially acted as the glue holding the financial system together in the tumultuous months that followed the bankruptcy of Lehman Brothers in September 2008.

Citigroup, Morgan Stanley and Merrill Lynch, now part of Bank of America, were the three biggest recipients of the Fed’s key emergency lending programs, according to a Reuters analysis of Fed data. Goldman Sachs was sixth on the list, contradicting claims from its top executives that the firm always had plenty of cash on hand. Get the full story »