Continue reading Prudential to Pick up AIG Asia Unit for $35 Billion

Prudential to Pick up AIG Asia Unit for $35 Billion originally appeared on BloggingStocks on Mon, 01 Mar 2010 08:50:00 EST. Please see our terms for use of feeds.

Insurance

Continue reading Insurance Company Upgrades Beat Downgrades by 50% in 2009

Insurance Company Upgrades Beat Downgrades by 50% in 2009 originally appeared on BloggingStocks on Mon, 22 Feb 2010 10:00:00 EST. Please see our terms for use of feeds.

Continue reading Before the Bell: Stocks Edge Higher Ahead of December Jobs Data

Before the Bell: Stocks Edge Higher Ahead of December Jobs Data originally appeared on BloggingStocks on Fri, 08 Jan 2010 08:20:00 EST. Please see our terms for use of feeds.

Continue reading AIG Puts Off Chartis IPO

AIG Puts Off Chartis IPO originally appeared on BloggingStocks on Thu, 24 Dec 2009 10:00:00 EST. Please see our terms for use of feeds.

Were we all too fast to blame AIG (AIG)?

The insurance giant's role in precipitating the worldwide financial crisis has been covered at length since it teetered on the edge of disaster in September 2008, thanks to a series of high-risk transactions executed through its financial products group. Well, Goldman Sachs (GS), which has recovered quickly from last year's woes and is already figuring out how to pay some hefty bonuses, may have played a larger role in these transactions than everyone realized.

Continue reading Goldman Sachs had bigger role in AIG than realized

Goldman Sachs had bigger role in AIG than realized originally appeared on BloggingStocks on Mon, 14 Dec 2009 08:40:00 EST. Please see our terms for use of feeds.

The bailouts of late 2008 and 2009 have cost the American taxpayers $61 billion, according to the Treasury Department, but the banks aren't to blame this time. The auto manufacturer bailout, which includes Chrysler and General Motors (GRM), has cost the country more than $30 billion, with American International Group (AIG) consuming another $30 billion.

Meanwhile, Bank of America (BAC) has already made good with the government, and several banks -- such as Capital One (COF), JP Morgan Chase (JPM) and TCF Financial (TCB) -- only have to clean up situations regarding the warrants they've issued. And interestingly, the losses from the bailouts on AIG and auto manufacturers are being offset by profits from the bank bailouts, which could generate additional funds of up to $19.5 billion.

Continue reading Banks subsidizing auto TARP, extra money could be spent

Banks subsidizing auto TARP, extra money could be spent originally appeared on BloggingStocks on Thu, 10 Dec 2009 09:00:00 EST. Please see our terms for use of feeds.

American International Group (AIG) is a step closer to paying back the U.S. government. The insurer has announced that it's planning to float American International Assurance on the Hong Kong stock exchange. A date hasn't been selected yet, but the decision isn't much of a surprise, given that AIG moved it into a special unit, a signal that some sort of liquidity event was on the way.

According to Robert Benmosche, the company's CEO, "The planned listing is in the best interests of policyholders, distribution partners, AIG shareholders and US taxpayers." He continues to say that AIA's roots are in Asia, which made a Hong Kong listing "a natural choice." The timing, according to AIA president and CEO Mark Wilson will depend on marketing conditions and regulatory approvals.

Continue reading AIG sending international life unit public in Hong Kong

AIG sending international life unit public in Hong Kong originally appeared on BloggingStocks on Fri, 04 Dec 2009 08:40:00 EST. Please see our terms for use of feeds.

American International Group (AIG) trimmed its tab to the American people by $25 billion on Tuesday. The insurance company, plagued by fallout from the financial crisis for more than a year, moved two subsidiaries -- American International Assurance and American Life Insurance -- into special units that are used to separate a business from its parent company. A spinoff or sale is the next logical step.

For now, AIG is holding on to the companies and giving the U.S. government preferred equity in the two life insurers. When AIG decides to send the companies public or divest via a private transaction, the feds (and taxpayers) will be able to cash in. Before becoming too optimistic, keep in mind that a timetable hasn't been set.

Continue reading AIG moves two life insurers, suggests a liquidity event

AIG moves two life insurers, suggests a liquidity event originally appeared on BloggingStocks on Wed, 02 Dec 2009 08:40:00 EST. Please see our terms for use of feeds.

Continue reading AIG paid $7,700 to retain a kitchen assistant

AIG paid $7,700 to retain a kitchen assistant originally appeared on BloggingStocks on Wed, 14 Oct 2009 15:00:00 EST. Please see our terms for use of feeds.

Continue reading Will AIG slap around its obnoxious new CEO?

Will AIG slap around its obnoxious new CEO? originally appeared on BloggingStocks on Thu, 03 Sep 2009 09:30:00 EST. Please see our terms for use of feeds.

Executive pay czar Kenneth Feinberg could approve the compensation package for income American International Group (NYSE: AIG) CEO Robert Benmosche as soon as next week.

According to The Wall Street Journal (subscription required), "Mr. Benmosche, a former CEO of insurer MetLife Inc., was pressing for a quick resolution in large part to energize AIG employees and show them that AIG employees could be well-compensated, according to people familiar with the matter."

Continue reading What's wrong with AIG CEO's pay package? Plenty

What's wrong with AIG CEO's pay package? Plenty originally appeared on BloggingStocks on Thu, 27 Aug 2009 10:00:00 EST. Please see our terms for use of feeds.

American Internation Group's

Continue reading AIG's junket resort goes into foreclosure

AIG's junket resort goes into foreclosure originally appeared on BloggingStocks on Tue, 21 Jul 2009 11:20:00 EST. Please see our terms for use of feeds.

Reports today indicate that American International Group, Inc. (NYSE: AIG) may need yet another bailout from the federal government. This time, The New York Post states that AIG will likely require additional government guarantees before it can successfully sell its International Lease Finance Corp. (ILFC) aircraft leasing business.

"Already, the government has agreed to guarantee $5 billion of debt, but those remaining in the auction now want either more government aid or support from airline manufacturers," reports the Post. The newspaper notes that ILFC carries a $30 billion debt load, portions of which will soon mature, along with $50 billion in assets. The unit, which has been up on the auction block since last September, has a book value of $7.5 billion.

AIG shares slipped more than 6% this morning to trade at $1.46, extending their 52-week swoon of 95.7%. After smacking into resistance from its 10-month moving average, the stock is now struggling to maintain a foothold atop its recently supportive 10-week trendline.

Even though the security is trading fairly low on the charts already, some traders are betting on continued losses from AIG. Despite a 16.4% drop in short interest during the most recent reporting period, shorted shares still account for a hefty 9.7% of the stock's available float. Plus, peak put open interest in the June series lies at the 2 strike, with 17,975 contracts in residence.

Elizabeth Harrow is an analyst and financial writer in the research department at Schaeffer's Investment Research. She is featured in the video series Schaeffer's Daily Q&A on SchaeffersResearch.com.

Another bailout for AIG? originally appeared on BloggingStocks on Wed, 03 Jun 2009 11:00:00 EST. Please see our terms for use of feeds.

A report today in The Wall Street Journal [subscription required] indicates that the restructuring of American International Group, Inc. (NYSE: AIG) could be a multi-year process.

The paper cites an internal email sent to AIG employees on April 23, which describes an initiative known as "Project Destiny." The dreamily named plan involves a 45-day review of the insurance issue's various units, which is then meant to generate a longer-term road map for the future.

While the internal memo explains Project Destiny as an "effort to redefine the future of most of the major businesses within AIG," Chief Restructuring Officer Paula Reynolds described the initiative in terms indicating that all AIG needs to regain its joie de vivre is a torrid island affair with a younger man. "Simply put, we are going to get our groove back," she enthused.

Continue reading American International Group's restructuring could take years

American International Group's restructuring could take years originally appeared on BloggingStocks on Mon, 11 May 2009 10:30:00 EST. Please see our terms for use of feeds.

Continue reading Former AIG boss says company won't pay back taxpayers

Former AIG boss says company won't pay back taxpayers originally appeared on BloggingStocks on Fri, 03 Apr 2009 13:10:00 EST. Please see our terms for use of feeds.

Plenty of investors have been calling for General Motors Corporation (NYSE: GM) to be removed from the Dow Jones Industrial Average (DJIA) as the automaker hovers on the brink of bankruptcy. But, like it or not, GM's rock-bottom share price isn't justification enough to oust the stock. GM still represents a major chunk of our industrial economy.

However, GM's nationalization would more than justify its removal from the Dow. After all, that's why American International Group (NYSE: AIG) got the boot last fall -- once the government took a controlling stake in the insurance giant, Dow Jones wasted no time adjusting its blue-chip lineup.

Continue reading Will GM get booted from the Dow?

Will GM get booted from the Dow? originally appeared on BloggingStocks on Tue, 31 Mar 2009 11:50:00 EST. Please see our terms for use of feeds.

Why is Rush Limbaugh defending AIG bonuses? originally appeared on BloggingStocks on Thu, 26 Mar 2009 15:50:00 EST. Please see our terms for use of feeds.

Continue reading GM's UAW buyouts not that different from AIG bonuses

GM's UAW buyouts not that different from AIG bonuses originally appeared on BloggingStocks on Thu, 26 Mar 2009 10:10:00 EST. Please see our terms for use of feeds.

Senior executives on both sides of the Atlantic on Friday warned of an exodus of talent from some of the biggest names in US finance, saying the "anti-American" measures smacked of "a McCarthy witch-hunt" that would send the country "back to the stone age."

One A.I.G. executive, who spoke on the condition of anonymity because he feared the consequences of identifying himself, said many workers felt demonized and betrayed. "It is as bad if not worse than McCarthyism," he said. Everyone has sacrificed the employees of A.I.G.'s financial products division, he said, "for their own political agenda."

Continue reading Please stop AIG-McCarthy comparisons

Please stop AIG-McCarthy comparisons originally appeared on BloggingStocks on Mon, 23 Mar 2009 10:25:00 EST. Please see our terms for use of feeds.

Continue reading Connecticut AG says AIG bonuses higher than reported

Connecticut AG says AIG bonuses higher than reported originally appeared on BloggingStocks on Mon, 23 Mar 2009 08:40:00 EST. Please see our terms for use of feeds.