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08 Aug 2011 11:10

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Biz: AIG sues Bank of America claiming they got massively defrauded

  • Defendants were engaged in a massive scheme to manipulate and deceive investors, like AIG, who had no alternative but to rely on the lies and omissions made.
  • A legal complaint filed by AIG • Revealing that the company, which still has a freaking massive taxpayer bill to pay off, plans to sue Bank of America for $10 billion dollars, claiming “massive fraud” on the mortgage debt AIG insured while the companies Countrywide and Merrill Lynch were still independent. (To put it simply, AIG feels that the companies lied about the quality of the debt, making them sound better than it was.) AIG is still working on paying back roughly $182.3 billion in bailouts, so the $10 billion would help. source
Posted by Ernie Smith • 0 Comments • Permalink

30 Sep 2010 11:04

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Biz: Bailout bonanza: AIG brokers a payback deal with the U.S.

  • 92.1%taxpayers’ upcoming stake in AIG
  • what The U.S. government will receive $62 billion in common shares of AIG stock to replace the $49 billion in preferred shares it currently has floating around.
  • why Because, over time, the government will be able to sell these shares and hopefully make back some of the billions it paid AIG during bailout-o-rama. source
  • » But wait, there’s more: AIG also plans to pay back $20 billion that it received from the Federal Reserve Bank of New York credit facility. An end result of all of this is that taxpayers will see an instant paper profit of $10 billion along with the long-term profits from the sale. Who wants to say “screw all those future generations” and grab a piece?
Posted by Ernie Smith • 0 Comments • Permalink

09 Apr 2010 15:30

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Biz, U.S.: In Oklahoma City, the mall is technically a federal building

  • You gotta love toxic assets. After the government took on $70 billion in bad assets from AIG and Bear Stearns in the wake of their collective crap-outs, there’s been a lot of confusion as to what those assets were. Well, the feds own loans for hotels worldwide, the Miami airport and Chicago’s Civic Opera House. But after the owners of this mall couldn’t make their payments, the government took over the mall. Which is kinda hilarious. source
Posted by Ernie Smith • 0 Comments • Permalink

26 Feb 2010 11:11

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Biz: AIG’s post-bailout earnings remain full of failure

  • $8.9
    billion     the size of AIG’s losses this quarter alone, which is laughable
  • $182.3
    billion     the size of the many bailouts the U.S. government has given it source
Posted by Ernie Smith • 0 Comments • Permalink

27 Jan 2010 10:18

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Biz, U.S.: Timothy Geithner: We had to save AIG to save the economy

  • We acted because the consequences of AIG failing at that time, in those circumstances, would have been catastrophic for our economy and for American families and businesses.
  • Treasury secretary Timothy Geithner • In remarks prepared before a meeting in front of a House committee today. The AIG bailout, and the TARP program, have been the subject of a watchdog probe. Today’s hearing, which also features Geithner’s predecessor Henry Paulson, was called after documents from the Federal Reserve Bank of New York (led by Geithner when Paulson was Treasury secretary) suggested that information was withheld from the public on the AIG bailout. source
Posted by Ernie Smith • 0 Comments • Permalink

30 Dec 2009 20:46

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Biz: An AIG exec resigns over pay. A tree falls down in the forest.

  • She was afraid of being sent to her room without supper. AIG Vice Chairman Anastasia Kelly, who was in charge of legal, human resources, corporate affairs and corporate communications, resigned with “good reason” over her executive pay. She’s eligible for severance, and man, that severance should keep her from eating cans of Chef Boyardee for a long time – $2.8 million. source
Posted by Ernie Smith • 0 Comments • Permalink

07 Dec 2009 10:25

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Biz: A bunch of whiny AIG execs claim they’ll quit over their pay

  • five execs sent a letter December 1st claiming they’d leave over their compensation
  • two changed their minds over the weekend; all look overly whiny as a result source
Posted by Ernie Smith • 0 Comments • Permalink
 

23 Oct 2009 18:25

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Biz: AIG’s got contracts to complicate Obama’s pay czar’s cuts

  • 13 of the top 25 execs getting pay cuts have left the company source
Posted by Ernie Smith • 0 Comments • Permalink

21 Oct 2009 21:51

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Biz: Obama’s pay czar: Pretty unpopular around Wall Street right now

  • 90% of the salaries of highly-paid executives at bailed-out companies will be taken away by pay czar Kenneth Feinberg source
Posted by Ernie Smith • 0 Comments • Permalink

27 Aug 2009 10:07

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Biz: New AIG CEO Robert Benmosche: It’s a WORKING vacation!

  • People criticize me for being on vacation. I actually started work a week before I was actually supposed to. I do have conference calls every day, I have all my information sent here. I can work here as well as in the office in New York.
  • New AIG CEO Robert Benmosche • On his working vacation, which began only a few days after he took on the title of head guy of America’s Favorite Company. (Previously, he headed MetLife, the country’s largest insurer.) So, where did he chose to go? Sunny, beautiful Croatia. Quick, bail him out! • source
Posted by Ernie Smith • 0 Comments • Permalink
 
 
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