The U.S. government and hobbled insurer AIG have taken another step toward parting ways. The Treasury announced last night that following a transaction expected to complete on March 15 of next year, AIG will have paid back in full its debt to the New York Federal Reserve and Treasury’s preferred AIG stake will be Read More
The Federal Reserve’s $3.3 trillion in bailout maneuvering during the past three years of financial apocalypse has been complicated, and so it’s difficult to isolate one particular “winner” from the many, many institutions who benefited from the central bank’s largesse. But let’s give it a shot anyway.
According to Bloomberg, “Bank of America Corp. Read More
AIG, the U.S. government’s $100 billion-plus foster child, has succeeded in borrowing money from people not named Uncle Sam for the first time since its spectacular 2008 implosion, The Wall Street Journal reports.
According to The Journal, AIG sold $2 billion in three- and 10-year notes at yields that were higher than those of Read More
“Have you ever noticed,” the chairman of Citigroup, Richard D. Parsons, asked The Observer this Monday evening, “that in the NFL, or in the NBA, or in Major League Baseball, this guy was a failure at Cleveland, and then he becomes the coach in Houston? These guys just move around from one team to another. Read More
AIG, the bailed-out insurance giant that often used as a shorthand for everything that’s wrong with American capitalism, today announced a third-quarter loss of $2.4 billion, vs. a profit of $455 million a year ago.
Charges related to payback of the U.S. taxpayer bailout, coupled with writedowns of the value of some of the Read More
One of the most important people in finance was overlooking Central Park from his Fifth Avenue apartment, enjoying the Bach that his twin teenage daughters were playing on violin and speaking to the young Fulbright scholars from Iraq and China he’d invited for a reception. “In everything I do, I always ask myself, ‘Am I Read More
AIG, the enormous bailed-out insurance company, announced today that the sale of its ALICO life insurance unit to MetLife and its initial public offering of AIA on the Hong Kong stock exchange have netted billions of dollars to repay the U.S. government, which has generously and repeatedly extended a helping hand to Read More