American International Group said Monday that it has raised nearly $37 billion as part of its plan to pay back the government’s multi-billion dollar bailout. Get the full story »
AIG
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AIG reports CEO Benmosche has cancer
Bailed-out insurer American International Group on Monday said Chief Executive Robert Benmosche has cancer and has an unclear prognosis, casting another shadow on the company during a major restructuring.
AIG did not disclose what kind of cancer Benmosche, 66, has, but said he is undergoing “aggressive chemotherapy.” Get the full story »
TARP report cites bailout’s risks to public trust
An oversight panel for the government’s Wall Street bailout cited risks to the public trust over the handling of the program, as the special inspector general for the Troubled Asset Relief Program released a quarterly report Monday.
The special inspector general was created to monitor the activities of the Treasury Department involving the program started two years ago to save Wall Street from the financial crisis. Get the full story »
AIG lays out plan to repay taxpayers
American International Group Inc. laid out a plan on Thursday that sets the company on a path for an accelerated payback of taxpayer bailout money, but also increases the risk for the government.
The plan, which comes a little over two years after AIG was rescued from the brink of collapse, will see the Federal Reserve Bank of New York getting repaid in full and ending its involvement in AIG, leaving the company to deal with just the Treasury Department. Get the full story »
AIG could announce exit plan in days
American International Group is close to finalizing a plan for the U.S. government to sell its stake in the insurer and is hoping it will yield a profit for taxpayers who bailed out the company, Chairman Steve Miller said on Wednesday. Get the full story »
AIG to repay $4B in bailout loans
American International Group Inc. says it is repaying nearly $4 billion in federal bailout loans. The insurer said Monday it will pay back the taxpayer-funded loans with proceeds from a recently completed $4.4 billion debt sale at its aircraft leasing company, International Lease Finance Corp. Get the full story »
AIG posts 2Q loss of $538M on restructuring costs
The insurance giant AIG on Friday reported a $538 million loss in the second quarter due to charges related to selling assets to repay the federal government bailout it received during the financial meltdown. Get the full story »
AIG in $725 million securities fraud settlement
American International Group Inc. has agreed to pay $725 million to settle a long-running securities fraud lawsuit led by three Ohio public pension funds, in one of the largest class-action settlements in U.S. history.
AIG would pay $175 million within 10 days of preliminary court approval of the settlement with a class of shareholders. The company may fund the remaining $550 million through one or more common stock offerings. Get the full story »
Ex-Lehman exec to head compliance at AIG
American International Group Inc. has picked David DeMuro, the former head of compliance and regulation at Lehman Brothers Holdings Inc., as its new head of compliance and regulatory affairs.
DeMuro, expected to start at AIG next week, will be working for his former boss from Lehman, Thomas Russo. The former chief legal officer at the now-failed Wall Street bank, Russo this year was appointed as the government-controlled insurer’s general counsel. DeMuro will be AIG’s deputy general counsel. Get the full story »
