AIG

  • News

    Old Man, This Time Sans Dog, Shoots Off Warning Signal To Goldman Sachs

    Maria Bartiromo: So you think Goldman is to blame for AIG? Hank Greenberg: Oh yeah. And there’s more to come out. Earlier: “We’re dealing with a jigsaw puzzle where all the pieces are not in the box. Bit by bit, we’re getting the pieces. The pieces are failing into place and the picture on the […]

    / Jan 14, 2010 at 4:45 PM
  • News

    Tim Geithner Didn’t Try To Cover Up AIG Payouts, Says Tim Geithner’s Employer

    Remember that story yesterday, about how then NY Fed Chair Tim Geithner and his staff maybe instructed AIG to keep its payments to banks hush-hush, as backed up by emails? Never happened, says New York Fed’s general counsel. He has no idea what any of you are talking about. In fact, he’s never even heard […]

    / Jan 8, 2010 at 3:49 PM
  • News

    Robert Benmosche’s Balls Are Bigger Than The Government’s Collective Sack, Says Robert Benmosche

    Since taking over AIG in August, Bobby Benmosche has not minced words about the fact that one of the insurer’s greatest impediment to success are the “crazies” in Washington. He’s also promised to protect his employees from these insane people, at any cost, by sticking government officials in a little locked room and doing unspeakable […]

    / Dec 24, 2009 at 10:48 AM
  • News

    Something Serious Is Going On With Andrew Cuomo

    So, remember those $165 million in retention bonuses paid to AIGFP employees that a lot of people got their panties in a bunch over earlier this year? So much so that the recipients were guilted into giving the money back? For the most part, they never did (only about $19 million has been forked over). […]

    / Dec 23, 2009 at 3:26 PM
  • News

    AIG To Remain In The Insurance Business

    This Robert Benmosche is a pretty sharp guy. He thinks that an insurance company should insure things, even if that means that Tim Geithner & Co. are going to have to wait longer for their money. AIG has put the kibosh on plans to rid itself of Chartis, its property and casualty unit, which it […]

    / Dec 22, 2009 at 3:41 PM
  • News

    AIG Clears $25B In Debt, Finds New $12B Problem

    “AIG continues to make good on its commitment to pay the American people back,” the one-time insurance giant and current liquidation special’s CEO said today. Its customers may be a different story. AIG announced that it has reduced its debt to the federal government by $25 billion–it now owes slightly less than $100 billion–giving the […]

    / Dec 1, 2009 at 8:56 AM
  • News

    Does This Even Qualify As A Negotiation?

    Timothy Geithner honed his spinelessness chops long before he got to the Treasury Dept., according to a new report. Well, not that long before. It came a year ago, when Timmy headed the New York Fed and gave AIG’s counterparties a $25 billion bailout. So says a report from the special inspector general for the […]

    / Nov 17, 2009 at 11:10 AM
  • News

    Who Should Take Over For Benmosche?

    Update: Fuck the below and headline above: CNBC reports that Bob has sent a memo to employees promising he’ll never leave them. __________________________________________________ Obviously it goes without saying that we sincerely hope Bobby B’s threat to walk out of AIG and never come back was just that. Hopefully the board will coax him down from […]

    / Nov 11, 2009 at 2:12 PM
  • News

    Snowball’s Future Is Secure

    Hank has managed to grease the requisite regulatory palms to get out from under the thumb of that whole unpleasant AIG business you may have heard about. (Vicious lies!) More importantly, Snowball will not have to worry about being the ward of some stranger during any sort of incarceration for Hank. Bloomberg explains: Maurice “Hank” […]

    / Aug 6, 2009 at 12:55 PM
  • News

    AIG Wants Hank On That Wall

    Former AIG CEO Hank Greenberg must be feeling a lot like Colonel Jessep. AIG sued Greenberg for his role in canceling a deferred compensation plan for executives and running away with millions of AIG shares which were then sold over time for close to $4.3 billion. After a testy day on the stand yesterday, AIG’s […]

    / Jun 17, 2009 at 2:10 PM
  • News

    Fraudster Is $5,000 Poorer But No Prisoner

    In a convincing victory for justice, the former CEO of a Gen Re subsidiary was sentenced to the equivalent of a mild warning from a substitute teacher for his part in defrauding AIG investors of $597 million. John Houldsworth pleaded guilty in 2005 to conspiracy to commit securities fraud and then testified on the government’s […]

    / Jun 16, 2009 at 2:17 PM
  • News

    Capt. Sully Probably Saved AIG Millions

    No stranger to bailouts themselves, AIG is not going to bail out people who suffered losses or minor injuries from the US Airways flight that went down in the Hudson River. For those who were looking for a nice payday out of the accident, you can blame the plane’s captain, Chesley Sullenberger, for dashing those […]

    / Jun 12, 2009 at 12:40 PM
  • News

    Sell Mortimer, Sell!

    Turnabout is fair play. Remember when we laughed at the Japanese for the real-estate deals they took a bath on at the top of the market? Those birds have, it seems, come home to roost as a number of American firms shed Japanese real-estate at distressed prices. To wit: American International Group Inc. is close […]

    / May 8, 2009 at 3:56 PM
  • News

    “What’s The Largest American Express Giftcard I Can Give To My Dog, And Can I Pay In Cash?”

    We were going to spend some time making fun of the fact that the cost of the fight to seize Snowflake’s not-quite-a-billion-dollar inheritance from AIG’s Hank Greenberg is fast approaching the $120 million paid to AIG employees in Bonuses and other compensation earlier this year, except that latter figure has been revised upward just a […]

    / May 6, 2009 at 10:39 AM
  • News

    Happy Birthday, Hank Greenberg!

    He’s probably just going to enjoy a quiet evening at home with Snowflake, but that doesn’t mean you can’t help the li’l fella ring in his 84th by starting a letter writing campaign to your congressmen and local media outlets encouraging them to get the word out via megaphone that none of this AIG shit […]

    / May 4, 2009 at 12:35 PM
  • News

    Memories Of Bear

    We understand that the word “billion” has lost a good deal of meaning around here lately. Be that as it may, some statistics that contain the word are still useful (at least for entertainment value). To wit: The Federal Reserve took on more than $74 billion in subprime mortgages, depreciating commercial leases and other assets […]

    / Apr 24, 2009 at 12:02 PM
  • News

    What Ever Happened With That Whole AIG Bonus Thing Anyhow?

    Basically, nothing. We suspected, and told you, dear reader, that there was very little that the government could, should or would do. Not only did they do very little, other than nearly incite a riot (including here in the comments sections), but *gasp* AIG employees in all the groups are still actually getting paid- and […]

    / Apr 22, 2009 at 3:37 PM
  • News

    A Day Late And A Dollar Long

    The real question is why it took so long. That compensation was, at the very least, out of tune with popular sentiment is quite obvious. Why any number of shifty methods to reign it in were undertaken before the most obvious (fire the executives responsible for compensation, use the Board of Directors or one’s status […]

    / Apr 1, 2009 at 11:59 AM
  • News

    Double Dodd Dipping

    The [AIG] employees were told, “If you agree,” to write checks for $2,100 from themselves and their spouses and to send them to Mr. Dodd’s campaign within four days. They also were to ask the senior members of their management teams to do the same and send copies of their checks to the company. The […]

    / Mar 30, 2009 at 4:33 PM
  • News

    Dehydrated Conspiracy: Just Add AIG!

    Certain networks just attract conspiracy theorists and the theories that these theorists theoretically theorize with the same level of surreal magnetism that acts between big oil and Maxine Waters. That’s not to say, for instance, that Goldman Sachs isn’t totally responsible for spiking oil prices up to nearly $150 a barrel, unleashing law enforcement on […]

    / Mar 30, 2009 at 8:15 AM
  • News

    Connecticut Is Mad As Hell And Is Not Going To Take This Anymore!

    Seriously. Connecticut is really pissed off and they want their piece of the pie. Yesterday. The state of Connecticut is analyzing the details of bonuses paid by American International Group to see whether they violated state law and what possible remedies might be pursued, the Commissioner of Consumer Protection said on Monday. But that’s nothing. […]

    / Mar 23, 2009 at 2:45 PM
  • News

    One Man’s Counterparty Credit Risk Hedge Is Another Man’s Directional Bet

    Tyler Durden over at Zero Hedge has an interesting take on Goldman’s AIG hedging: Purchasing $10 billion in CDS (roughly in line with what Viniar claims happened) at a hypothetical average price of 25 bps (and realistically much less than that) and rolling that would imply that at today’s AIG 5 yr CDS price of […]

    / Mar 20, 2009 at 12:26 PM
  • News

    Is The AIG Tax Constitutional?

    A Dealbreaker commenter points out: “The bill that just passed is saying that anyone working for those firms with a combined family income of $250k or more will have the bank employee’s bonus taxed at 90%.” The reason for this, which I hinted at yesterday, is that its difficult to get such a directed tax […]

    / Mar 19, 2009 at 5:10 PM
  • News

    See You At The Guillotine

    As mentioned yesterday, protests are scheduled to take place downtown today at 4PM, beginning at Goldman Sachs. The following memo just went out to AIG employees re: the demonstration. As a result of the continued media attention directed toward AIG, there is a planned demonstration in Lower Manhattan scheduled for this afternoon (3/19/09). Specifically, we […]

    / Mar 19, 2009 at 2:30 PM
  • News

    Mark Haines Dares To Impugn Chuck Rangel’s Integrity When It Comes To Taxes

    Here it is. Starts getting good at 5:10.

    / Mar 19, 2009 at 11:17 AM
  • News

    Pssst! Wanna Buy A Headquarters Building?

    You knew AIG was going to be shedding assets as quickly as humanly (or inhumanly) possible. You also knew that some of this stuff was going to go at firesale prices. Be this as it may, the panic sale of AIGs buildings is something of a surprise: Six months ago, sources had estimated that 70 […]

    / Mar 18, 2009 at 2:58 PM
  • News

    The Secret Goldman Decoder Ring

    We aren’t sure if Goldman took lessons from Greenspan, or if Greenspan learned from Goldman, but either way, the density of the Goldman discourse on a given AIG question reaches neutron star levels while entropy is impossibly high. Consider this bit from a recent Reuters Q&A: QUESTION: If Goldman Sachs was collateralized and hedged on […]

    / Mar 18, 2009 at 12:04 PM
  • News

    Ask Jack

    I know you thought Jack Welch had faded away. We did. Sure, he’d appear at this or that conference. Make a speech here or there. But we were kind of convinced that he had a body double doing all this work while he played bridge at the secret Welch Hideaway Compound. Well, that was until […]

    / Mar 18, 2009 at 11:47 AM

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