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AIG ex-chief to forfeit $19 million package
New York Attorney General Andrew M. Cuomo today confirmed American International Group Inc.’s agreement to freeze ex-CEO Martin Sullivan’s compensation package.
LPL snags major AIG broker network
The AIG Advisor Group has seen a massive defection from one of its broker-dealers, involving a network of reps that produced more than $41 million in gross revenue last year.
AIG to shoot down CFO’s golden parachute
New York Attorney General Andrew M. Cuomo and American International Group Inc.’s chief executive have agreed on measures to recover what Mr. Cuomo called illegal expenditures and deflate a $10 million parachute for the firm’s departing finance chief.
AIG permitted to borrow from subsidiaries
The Federal Reserve Board today said it would allow AIG to borrow up to $37.8 billion from some of the embattled insurer’s subsidiaries.
Former AIG CEOs testify about firm’s collapse
Two former chief executives of insurance giant American International Group Inc. blamed a host of factors for the collapse of the firm as they testified before the House Oversight and Government Reform Committee today.
AIG to jettison businesses
Not mentioning its broker-dealer network, AIG said it wants to sell a number of business lines, but not its core property and casualty insurance lines.
S&P downgrades AIG
Standard and Poor’s Ratings Services has downgraded its CreditWatch ratings on AIG and its guaranteed subsidiaries to “negative” from “developing.”
Piqued Greenberg eyes AIG assets
After a huge sell-off of his shares last week, Maurice R. Greenberg, ex-chief executive of AIG, now wants to purchase some of the insurer’s assets, according to published reports.
Greenberg offloads 40 million shares of AIG
Maurice “Hank” Greenberg, ex-chairman and chief executive of AIG, yesterday sold off 40 million shares of the bailed-out firm, reaping $125.9 million for himself and a company he runs.
AIG announces preferred stock issue
AIG today announced that it will issue a new series of preferred stock for the U.S. Department of the Treasury in conjunction with the federal lifeline it received.
AIG inks bailout deal, suspends dividends
Under the terms of the agreement, the New York-based company will be required to pay interest on the two-year loan at a rate based on the three-month London Interbank Bid Rate plus 8.5%.
AIG booted off the Dow
Kraft Foods Inc. of Northfield, Ill., will take the former insurance giant’s place on the index.
AIG has no plans to sell its commercial lines
“Domestic commercial insurance and foreign general insurance are core, and we have no plans to sell those,” said Kristian Moor, AIG executive VP and chief executive officer of AIG Property Casualty Group.
S&P lowers CreditWatch status on AIG units
Standard and Poor’s Ratings Services of New York has revised its CreditWatch status on AIG and some of its business units.
AIG’s Willumstad to walk away with $7 million
“I led AIG for three months and all I got was a lousy $7 million exit package,” a T-shirt designed for Robert Willumstad could read.
Heavily exposed, Manulife eyes AIG’s assets
Manulife Financial Corp. of Toronto, owner of Boston-based John Hancock Financial Services Inc., is poised to buy AIG’s assets, and the fallen New York-based insurer’s variable annuity business could also be on the table, according to analysts cited in published reports.
MetLife has $800M exposure to Lehman, AIG
MetLife Inc. has some $800 million in exposure to the now-collapsed Lehman Brothers Holdings Inc. and the just-rescued American International Group Inc. and is assessing the recoverability of those investments.
Ex-Allstate chief to take helm of AIG
AIG’s chief executive Robert Willumstad has been ousted from the helm of the just-rescued carrier.
Fed to the rescue of AIG
The Federal Reserve Bank of New York announced tonight that it will lend as much as $85 billion to American International Group Inc. to meet the liquidity needs of the troubled insurer.
Ratings agencies lower boom on AIG
The ratings ax has finally fallen on American International Group Inc., as all three major ratings agencies downgraded the company late yesterday.
