AIG

Remember September 2008? Remember how American International Group was doing in September 2008? Kind of not so hot? Maybe needed the government to front it some cash to the tune of $85 billion? Maybe needed even more money after that, even though they swore they just needed that one hit, just to get them by? Maybe would’ve been- how to say this?- fucked, if not thrown a bone? Well Hank Greenberg’s been thinking about September 2008, for a while now, and what he’s concluded is that as an AIG shareholder, he was screwed, big time. And, the window of opportunity for apologies being long closed, he figures the only way he can be made to feel better about the situation is for the US to cough up $25 billion. At least. Read more »

  • 17 Oct 2011 at 5:52 PM

Sorry, AIG’s Not Sorry For Partying

American International Group Inc, the insurer majority owned by the U.S. after a 2008 bailout, is hosting an event at a California facility that advertises “the amenities of an ultra luxury hotel.” The American General unit assembled about 65 people who distribute its products for a two-and-a-half-day stay this week at the Resort at Pelican Hill in Newport Beach, California, said Larry Mark, a spokesman for AIG’s life insurance division. Nine AIG managers were also sent to the resort to make presentations, Mark said in a e-mail. He declined to say the cost of the event for the insurer…“We are back to the business of being in business and we’re in the marketplace competing,” said Mark. [Bloomberg]

  • 08 Aug 2011 at 6:34 PM

AIG Seeks Revenge, Rounds Up The Usual Suspect

Remember when the Treasury bailed out AIG and the bailout money was funneled to foreign and/or mollusk counterparties and everyone freaked out? Those were good times. Less good for banks is today, when, in addition to the world ending, AIG started to sue to get some of that money back. Read more »

In a video accompanying a 40-page slide show describing AIG’s attributes, businesses and financial goals, Chief Executive Robert Benmosche said “there is no more crisis” for the bailed-out insurance company, which now has “lots of growth opportunities,” in his view. Alluding to recent tensions over the size and potential price of the stock offering that AIG and the U.S. Department of the Treasury launched this week, Mr. Benmosche said in the video: “Our sense is we have an incredible valuation opportunity here and we’re just not going to give it away. “If we don’t get the value today, then we’re going to get the value tomorrow… We’re not going to give 100% of the value away and sell it too cheap,” Mr. Benmosche said. [WSJ]

  • 15 Apr 2011 at 12:00 PM

Fatal Risk: The Re-Education Of Goldman Sachs

The following excerpt is from Fatal Risk: A Cautionary Tale Of AIG’s Corporate Suicide, a new book by investigative reporter Roddy Boyd.

The role of Goldman Sachs in AIG’s saga had its roots in a little- remarked-upon series of promotions involving a pair of managers known as the “J. Aron guys” taking control of Goldman’s Fixed- Income, Commodities, and Currency unit in the late 1990s. Gary Cohn and Lloyd Blankfein, veterans of Goldman’s sharp-elbowed commodities trading operation, saw a need to do things differently. Read more »

Lloyd Blankfein running AIG. Read more »

  • 25 Feb 2011 at 1:45 PM

AIG: BACK IN THE GAME

AIG executives, in their first conference call with Wall Street analysts in two years, sounded a cautiously optimistic tone as they mapped out the company’s future and explained its weak fourth-quarter operating results…When asked about the market position of AIG’s property and casualty business, now known as Chartis, which a Goldman Sachs analyst described on the call as being “the 800-pound gorilla” of the industry before the financial crisis, Mr. Benmosche quipped: “I would say we are about 780 pounds, and on our way back.” [WSJ]