• AIG

    A Long-Expected Takeover

    We cannot say we’re shocked that the Federal Reserve and the Treasury swooped in to take over the American International Group US Department of Insurance. We began reporting that a takeover was under consideration shortly before two in the afternoon. But to say we expected this takeover is not to say we understand it. We’re […]

    / Sep 17, 2008 at 9:16 AM
  • AIG, Treasury

    Treasury Is Still Considering Conservatorship for AIG

    Bloomberg is reporting that the US is considering a conservatorship for AIG. Their story will follow. If you’re in a rush to get the news, however, you can read our version from three hours ago. UPDATE: Bloomberg’s story is now up. UPDATE: CNBC is reporting that there are doubts at Treasury about the legal authority […]

    / Sep 16, 2008 at 5:06 PM
  • AIG, Bank of America

    BoA Securities Quits AIG

    Rather than invoking the “WTF” call, Bank of America Securities has announced that it is dropping coverage of AIG. Sayeth BoAS: The situation at this stage is binary and dependent on more political will than analyzable facts. While we see the value of the insurance operations being well excess of the parents liabilities, solving the […]

    / Sep 16, 2008 at 4:34 PM
  • AIG

    Is The Fed Giving In?

    Bloomberg is reporting that the Federal Reserve appears to be cracking in its resolve not to bailout AIG. The Fed is considering extending a “loan package” according to a person familiar with the negotiations.

    / Sep 16, 2008 at 3:25 PM
  • AIG

    Could The Government Back Stop A Private Bridge Loan?

    A government backstop may be available for a private financing of a bridge loan for AIG, according to a senior banker at a large international bank who is familiar with the situation. It was unclear whether the source of the bridge loan backstop would be the Treasury or the Federal Reserve, the source said. Another […]

    / Sep 16, 2008 at 1:30 PM
  • AIG, Fed

    Yes, You Too Can Borrow Billions From The Fed

    The news that AIG had asked the Federal Reserve to provide a bridge loan worth tens of billions set teeth gnashing everywhere across the universe of market watchers. The now time worn phrase moral hazard was trotted out. Weren’t we supposed to be clawing our way out of this bailout business? Our first reaction to […]

    / Sep 15, 2008 at 2:00 PM
  • AIG

    AIG Taps $20 Billion From Insurance Subsidiaries

    AIG, which is looking to raise capital after ratings agencies threatened downgrades, will be permitted to access up to $20 billion locked up in its insurance subsidiaries, according to Reuters. As part of an agreement reach with New York Governor David Paterson, insurance regulator Eric Dinallo and other state officials, AIG will be able to […]

    / Sep 15, 2008 at 1:12 PM
  • AIG

    Worse Than Investment Banks?

    In the midst of the carnage of Lehman Brothers, and the semi carnage of Merrill Lynch, something scary seems to have gotten little press. What happens to annuity holders if a large insurer like AIG goes under? They aren’t covered by the usual moral hazard suspects (FDIC, SIPC), and as insurers are generally regulated by […]

    / Sep 15, 2008 at 10:08 AM
  • AIG, Bear Stearns

    Some People Still Upset About The Bear Stearns Hedge Fund Meltdown Incident

    Some guy whose money Bear Stearns lost sued the securities firm this week. Samuel Cohen (of the Baltimore Cohens) is accusing BS and its top execs of “recklessly” buying up billions in subprime loans and trying to hide its “tremendously risky subprime mortgage portfolio” from those who might have a vested interest in it by […]

    / Nov 21, 2007 at 10:04 AM

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