AIG

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AIG CEO Cuts His Pay to $1
 AIG CEO Cuts His Pay to $1 
Nov 25, 2008 12:00 PM CST

AIG CEO Cuts His Pay to $1

Edward Liddy gives up his salary and bonuses, others expected to follow

(Newser) - As Congress continues to bail out corporate America, CEOs are canceling bonuses and cutting pay for their top executives—but no one has come close to AIG top executive Edward Liddy, reports the New York Post. The CEO, who took over the troubled insurance company in September, will take home...

Bailed-Out Banks Won't Bail on Sports Sponsorships

Gaudy expenditures anger public, Congress

(Newser) - Citibank is getting billions from taxpayers and cutting thousands of jobs, but it's not canning its 20-year, $400 million deal to dub the New York Mets’ new stadium “Citi Field.” Such big advertising deals are coming under the microscope—and have critics crying foul, ABC News reports. “...

Wall Streeters Question Geithner's Role in Crisis
Wall Streeters Question Geithner's
Role in Crisis
ANALYSIS
Nov 25, 2008 8:51 AM CST

Wall Streeters Question Geithner's Role in Crisis

Treasury pick has been at the table all along

(Newser) - Markets surged yesterday when Barack Obama announced that Timothy Geithner would become treasury secretary as part of an all-star economic team. But Wall Street actually harbors some skepticism about Geithner, writes Andrew Sorkin in the New York Times. As chair of the New York Fed, Geithner was the point man...

Feds Under Pressure to Broaden Bailout

Treasury already needs to ask Congress for next $350B installment

(Newser) - With nearly half of the $700 billion bailout committed, a growing array of distressed companies is lobbying the government, the Wall Street Journal reports, increasing the likelihood the Treasury will ask Congress for the rest of the bailout cash soon. But varied interests among legislators and emerging unemployment risks could...

Chinese Stimulus Lifts Dow
 Chinese Stimulus Lifts Dow 
MARKET Open
Nov 10, 2008 8:49 AM CST

Chinese Stimulus Lifts Dow

Index surges 150+ at open, following Asian lead

(Newser) - Stocks jumped out of the gate today, thanks to a $586 billion stimulus package from Beijing. The Dow was up nearly 200 just after opening, the Wall Street Journal reports, and the S&P and Nasdaq climbed 1.8% and 1.2%, respectively. The moves followed rallies overseas, including a...

Feds Up AIG Aid to $150B; Insurer Posts $24.5B Loss

US scraps insurer's original $123 billion package as company's struggles continue

(Newser) - The $123 billion the US pledged to foundering insurance giant AIG will grow to at least $150 billion, reports the Wall Street Journal, as the company continues to hemorrhage money. AIG, which today reported a loss of $24.5 billion in its most recent quarter, will get more cash and...

Geek Squad's Models Missed Risks—and AIG Paid Price

Insurance giant's dependence on computer predictions made situation far worse

(Newser) - “All I can say is beware of geeks bearing formulas,” Warren Buffett once said. AIG didn’t heed his advice. The huge insurer bet tens of billions on credit-default swaps, guided by imperfect risk-assessment models created by a moonlighting finance professor, the Wall Street Journal reports. AIG knew...

Bankrupt AIG Might Have Been Better Than Bailout

Experts say letting insurer file bankruptcy would have been a better, cheaper, plan

(Newser) - The government’s $143 billion bailout of AIG is looking more and more like an expensive example of good money following bad, as financial experts are concluding that bankruptcy would have been better for both the insurance giant and taxpayers, reports the Washington Post. AIG has burned through more than...

Bailout Expands to Include Big Insurers

Feds look beyond AIG and banking industry to MetLife, others

(Newser) - The Treasury’s bailout is moving beyond banks to include major insurance firms hurt by bad investments, the Washington Post reports. Companies such as MetLife, the Hartford, and Prudential hope to be covered in the plan, under which the government would provide money in exchange for ownership stakes. Big insurers...

Financing Deals Make AIG a Drag on Transit Agencies

With AIG sinking, banks are calling loans to transit agencies

(Newser) - Transit agencies nationwide are facing the prospect of unexpectedly having to repay billions in loans to large banks under financing deals made years ago, the Washington Post reports. Because AIG guaranteed many of the agreements, the insurance behemoth's woes could potentially affect millions of public transit riders as banks worldwide...

AIG Has Already Spent Most of $123B Bailout

Ailing insurance giant warns it may need more help

(Newser) - Struggling insurance giant AIG, recipient of the largest government bailout in history, has burned through three-quarters of its $123 billion financial lifeline, the Washington Post reports. As of yesterday, AIG has withdrawn $90.3 billion from the Federal Reserve’s credit line, mostly to pay off bad bets insuring toxic...

AIG Agrees to Freeze Executive Bonuses

NY takes tough action to limit payouts to curNewser Newsroom 1.15.0rent, former bigwigs

(Newser) - AIG will suspend bonus payments to its executives after getting pressure from New York Attorney General Andrew Cuomo. The ailing insurance firm, which recently got billions of dollars in loans from the Federal Reserve, also will stop $19 million in payments to a former CEO fired in June. Cuomo said...

Markets Rise as Credit Eases
 Markets Rise as Credit Eases 
MARKETS
Oct 20, 2008 8:46 AM CDT

Markets Rise as Credit Eases

Volatility probably ahead; oil prices up, too

(Newser) - Stocks rose at the open today, as investors saw signs the credit markets are easing, the Wall Street Journal reports. The Dow rose 104 points, while the Nasdaq and S&P saw modest 1.5% and 1.2% bumps, respectively. Stocks in Europe and Asia generally rose as well. We...

More AIG Splurges: $86K Hunting Trip, Lobbyists

$86K trip to England comes after feds' $85B handout, $38B loan

(Newser) - The $440,000 spa weekend isn't the only outrageous splurge AIG seems to have indulged in after being bailed out by taxpayers last month. Now come news of an $86,000 hunting trip in England, turned up by New York Attorney General Andrew Cuomo. And the faltering insurance giant is...

NY Probes AIG's Golden Parachutes, Spending

Attorney general charges insurer with 'unwarranted and outrageous expenditures'

(Newser) - New York's attorney general today called on AIG's directors to recover millions in “outrageous expenditures,” including golden parachutes to executives even as it neared the collapse that brought an $85 billion federal intervention, the Wall Street Journal reports. Andrew Cuomo is investigating whether the insurer broke state law...

Ex-AIG Chair Seeks Cushier Bailout Terms

Greenberg files letter with SEC asking for less 'onerous' deal

(Newser) - With the Fed now injecting capital directly into Wall Street's spiraling banks, AIG's former chairman worries the company got shafted, the Wall Street Journal reports. The insurer will go under if the government doesn't change its bailout terms from a two-year, high-interest loan to 10-year nonvoting preferred stock, Hank Greenberg...

Paulson Can't Sack AIG Execs
 Paulson Can't Sack AIG Execs 
analysis
Oct 10, 2008 6:58 PM CDT

Paulson Can't Sack AIG Execs

(Newser) - Barack Obama is probably far from alone in wanting the heads of AIG execs who staged a $440,000 employee spa retreat just after the government's bailout of the company. The question is, does Treasury Secretary Henry Paulson have the authority to can the wayward execs? Nope, explains Juliet Lapidos...

American Capitalism Is Dead. The Culprit? America
American Capitalism Is Dead. The Culprit? America
ANALYSIS
Oct 10, 2008 10:35 AM CDT

American Capitalism Is Dead. The Culprit? America

(Newser) - As Wall Street banks collapse like a house of cards, American capitalism isn’t just failing in practice; the very idea of unregulated, free-functioning markets has received a serious blow, writes Anthony Faiola in the Washington Post. Once the symbols of American economic might, there's a real possibility that many...

Dow Falls 678 to Sub-9,000 Close
 Dow Falls 678 to Sub-9,000 Close 
MARKETS
Oct 9, 2008 3:32 PM CDT

Dow Falls 678 to Sub-9,000 Close

Dow falls below 9,000 for first time since 2003

(Newser) - Stocks plunged in the last hours of trading today as a number of government moves did little to shore up investors' confidence, MarketWatch reports. The Dow’s losses accelerated sharply after it dropped below the psychological threshold of 9,000 points. It closed down 678.91 at 8,579.19;...

Federal Reserve to Give AIG Another $37.8B

(Newser) - These days, $85 billion just doesn't go as far as it used to. The Federal Reserve said today it will provide AIG with an additional $37.8 billion to help the beleaguered insurance giant out of its liquidity mess, Bloomberg reports. The money is on top of the massive loan...

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