BNET Industries
american international group inc. - All News and Analysis
Wall Street Closes Out Worst Year Since Depression
ReutersUK
- 2008-12-31
By Chuck Mikolajczak and Chris SandersNEW YORK (Reuters UK) - Wall Street closed out its worst year since the Great Depression on Wednesday after an unstoppable credit crisis and a dreadful economic outlook left investors questioning their faith in stock markets.A string of financial disasters culminating in the collapse of...
AIG to Fed: Paper, Not Cash
Seeking Alpha
- 2008-12-31
The de-leveraging process rolls on. Now [[AIG]] wants permission from the government to take paper in lieu of cash as it sells off assets, since cash is, well, not all that available lately. It’s a good idea, in any event. Given where just about every kind of...
AIG May Seek to Ease Loan Repayment Terms: Reports
Reuters
- 2008-12-31
NEW YORK (Reuters) - American International Group Inc AIG may seek to ease terms for repayment of a $60 billion U.S. government loan in a bid to get better prices for its assets, according to media reports.The proposed change could allow bidders for several AIG units currently on the auction...
Ex-AIG Chief Foregoes Stock Awards
BNET
- 2008-12-31
One more CEO tarnished with the financial meltdown is losing more of his compensation. Robert Willumstad, who served for three months as head of American International Group, will forego stock awards he was granted when he joined AIG in June. This is the second time Williamstad's pay...
Poor Results Signal Trouble For Legg's Miller
Reuters
- 2008-12-31
By Muralikumar AnantharamanBOSTON (Reuters) - Legg Mason Inc's LM once-celebrated Value Trust fund is set for its worst-ever annual returns in 2008, and some investors grumble that time is running out for its manager, Bill Miller.The flagship stock mutual fund lost 57 percent in the year to December 29, the...
AIG Seeks Easing of Rules on Disposals: Report
Reuters
- 2008-12-31
(Reuters) - American International Group AIG, is prepared to ask the U.S. Federal Reserve to relax rules on its $60 billion-plus disposals program to allow bidders to use a greater proportion of shares to pay for its assets, the Financial Times said.AIG was looking at installment payments and other flexible...
Government's Best Move in 2008? Letting Lehman Fail
Seeking Alpha
- 2008-12-30
Rick Newman submits: It's conventional wisdom on Wall Street that the biggest government mistake of the last year was letting Lehman Brothers (LEHMQ.PK) fail. I guess the barons of capitalism still don't get it. Here's how the Wall Streeters see it: The March 2008 government bailout of Bear Stearns—if...
AIG Now Fed's Vehicle for Buying Toxic Assets
Seeking Alpha
- 2008-12-26
Michael Steinberg submits: The Washington Post from Bloomberg News "With Fed's Help, AIG Unloads $16 Billion in Credit Default Swaps" reports that American International Group AIG retired another $16B face value of credit default swaps for $6.7B by purchasing the underlying securities and canceling the contracts. The insured counterparties were...
Financial Roundup: GMAC Gets Bailout, AIG Dumps Derivatives, Banks Need Help for TARP Aid, FASB Gives Fair Value Break
BNET
- 2008-12-26
Merry Christmas, GMAC! -- The financial arm of General Motors, GMAC Financial, got a big present Christmas Eve when the Federal Reserve allowed it to become a bank holding company. Doing so lets GMAC apply for the $700 billion bailout program and perhaps avoid bankruptcy. [Source: The Associated Press] ...
SEC Approves LCH's Clearinghouse For CDS
ReutersUK
- 2008-12-24
WASHINGTON (Reuters UK) - The Securities and Exchange Commission gave the go-ahead on Tuesday for LCH.Clearnet Ltd to begin operating as a U.S. central counterparty for credit default swaps.London-based LCH already acts as a central counterparty in Europe, where it assumes the legal counterparty risk involved when two of its...
AIG Faces Double Challenge in Attempt to Sell Assets
Seeking Alpha
- 2008-12-23
Money Morning submits: Embattled U.S. insurer American International Group Inc AIG is looking to sell its Hartford Steam Boiler Inspection and Insurance Co. unit to Germany’s Munich Re Group AG, the world’s second-largest reinsurance company, a source familiar with the negotiations told Reuters Sunday....
Hank Greenberg: Investigate the Goldman Cabal
BNET
- 2008-12-23
Maurice Hank Greenberg is a billionaire and hardly a populist rabble rouser. But on a CNBC interview this morning he joined a lot of other voices in challenging the Federal bailout of banks and insurers engineered by Treasury Secretary Henry also Hank Paulson. Greenberg is the former...
Valuing Assets: The Clueless Cadre
Seeking Alpha
- 2008-12-23
Tom Lindmark submits: Value and whether or not any one has a handle on it is an idea that has been bouncing around in my head for about a month. Here are a couple of items that would indicate that everyone is guessing. AIG AIG announced that it sold Hartford...
CME in Talks With Dealers on CDS Platform: Report
Reuters
- 2008-12-23
(Reuters) - Chicago Mercantile Exchange parent CME Group Inc CME is in advanced discussions with six dealers to take equity stakes in its credit default swaps CDS trading and clearing platform, the Wall Street Journal said.CME could not be immediately reached for comment by Reuters.CDS are over-the-counter contracts that insure...
Munich Re Buying AIG's HSB Unit For $742 Million
Reuters
- 2008-12-22
By Michael Shields and Maria SheahanFRANKFURT (Reuters) - German reinsurer Munich Re MUVGn will buy American International Group Inc's AIG HSB Group for $742 million to expand its U.S. business, the companies said on Monday.For AIG, once the world's largest insurer, it is the first of several planned asset sales...
'Fair-Value' Accounting Isn't Fair
Seeking Alpha
- 2008-12-22
Daniel Eskin submits: Being an accountant by trade, I’ve had some thoughts about how the recent spotlight on ‘fair-value’ accounting has been affecting the markets. Essentially, fair-value is a set of accounting principles that reflect financial statement items at current market prices rather than historical cost prices. The entire world’s...
AIG's Bond Sale Is No Cause for Celebration
Seeking Alpha
- 2008-12-18
John Appel submits: The latest installment of the “Bailout” of American International Group AIG is not the good news that one might think it is from reading AIG’s press release. AIG and the Federal Reserve Bank of New York announced on Tuesday that Maiden Lane II, an...
Why I Need a Government Bailout
Seeking Alpha
- 2008-12-17
Rick Newman submits: To: Henry Paulson, Bailout Decider, U.S. Treasury CC: Ben Bernanke, Bailout Buddha, Federal Reserve by Rick Newman
AIG Sells $39.3 Billion in Assets to NY Fed's Fund
Reuters
- 2008-12-15
NEW YORK (Reuters) - American International Group AIG, the insurer bailed out by the U.S. government in September, said on Monday it sold $39.3 billion of assets to a fund established by the Federal Reserve Bank of New York.The new fund, Maiden Lane II, was created to hold mortgage liabilities...
AIG CEO Says Asset Sales May Be Delayed
ReutersUK
- 2008-12-11
By Michael FlahertyHONG KONG (Reuters UK) - The CEO of U.S. insurer AIG AIG, which is looking to shed assets around the globe as part of a $152 billion (101.6 billion pounds) U.S. government rescue package, said that difficult markets may delay the sale plans, though certain units have attracted...
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- Revenue (Fiscal Year) $110.0B
- Profit (Fiscal Year) $6.2B
- Incorporated: 1967
- CEO: Mr. Edward M. Liddy
American International Group is a holding company which, through its subsidiaries, is engaged in a variety of insurance and insurance-related activities in the U.S. and abroad. Co.'s primary activities include General Insurance operations, which write commercial property and casualty insurance and various personal lines; and Life Insurance & Retirement Services operations, which provide insurance, financial and investment-oriented products. Co. also has other activities including Financial Services and Asset Management operations. As of Dec 31 2007, Co. provided its products and services in more than 130 countries and jurisdictions.
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Board of Directors
Mr. Edward M. Liddy Chairman
Mr. Michael H. Sutton
Ms. Suzanne Nora Johnson
Mr. Dennis D. Dammerman
Mr. Stephen F. Bollenbach Lead Director
Mr. Dennis D. Dammerman
Mr. Edmund S.W. Tse
Dr. Martin S. Feldstein Ph.D.
Mr. George L. Miles Jr.
Mr. Morris W. Offit
Mr. James F. Orr III
Ms. Virginia M. Rometty
NAICS Code
Direct Property and Casualty Insurance Carriers: 524126
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