AIG/AIA - got child policy with them?

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AIG/AIA - got child policy with them?

Postby matrix0405 » Wed Sep 17, 2008 2:29 pm

NEW YORK (CNNMoney.com) -- In an unprecedented move, the Federal Reserve Board is lending as much as $85 billion to rescue crumbling insurer American International Group, officials announced Tuesday evening.

The Fed authorized the Federal Reserve Bank of New York to lend AIG (AIG, Fortune 500) the funds. In return, the federal government will receive a 79.9% stake in the company.

Officials decided they had to act lest the nation's largest insurer file bankruptcy. Such a move would roil world markets since AIG (AIG, Fortune 500) has $1.1 trillion in assets and 74 million clients in 130 countries.

An eventual liquidation of the company is most likely, senior Fed officials said. But with the government loan, the company won't have to go through a tumultuous fire sale

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Postby matrix0405 » Wed Sep 24, 2008 10:33 am

NEW YORK (Reuters) - American International Group Inc (NYSE:AIG - News) should have a list of assets it wants to sell by next week, its new chief executive said on Monday, as the company prepares to split itself up to repay an emergency bailout loan.


The New York-based financial titan, which was once the world's most valuable insurer, needs to raise cash quickly to repay an $85 billion U.S. Federal Reserve loan that allowed it to avoid bankruptcy after taking massive losses on mortgage derivatives.

"We're going to take those assets which are probably very valuable, but can also be digested by buyers in relatively manageable bites, and we will simply start to market them," Edward Liddy, who was appointed AIG's chief executive last week, said in an interview on the CNBC financial news channel.

"I hope within the next seven to 10 days to be out there with a plan that lists everything that's for sale and maybe even execute some of those transactions by then," said Liddy, a former CEO of insurer Allstate Corp (NYSE:ALL - News).

He said he hoped AIG would be able to pay back the Federal Reserve loan "as quickly as possible." If the loan is not repaid, the U.S. government has the right to take an almost 80 percent stake in the company.

Liddy, who was named AIG's chief last Thursday as part of the Federal Reserve deal, did not identify which of AIG's many operating units might be up for sale.

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Postby mintcc » Wed Sep 24, 2008 11:30 am

Hianz, I have some accident protection for my kid. But AIA in SG should be safe bah?

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Postby matrix0405 » Fri Oct 10, 2008 9:31 am

NEW YORK (CNNMoney.com) -- American International Group has tapped $70 billion of the $85 billion emergency government loan that is helping the giant insurer survive, officials announced Thursday.

Data released by the Federal Reserve shows that AIG drew down another $9 billion in the week that ended Wednesday for a total of $70.3 billion.

In the previous week, AIG had accessed $61 billion of the emergency loan.

An AIG spokesperson was not immediately available for comment on Thursday.

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Postby snowflake » Tue Oct 21, 2008 1:07 am

mincy wrote:Hianz, I have some accident protection for my kid. But AIA in SG should be safe bah?


Hi mincy, I was informed by my AIA insurance agent 2 weeks ago that AIA Singapore is safe, and that AIA Philippines is up for sale by AIG. This was after the US Government announced the bailout of USD85 billion for AIG.

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Postby matrix0405 » Thu Oct 23, 2008 9:12 am

NEW YORK (CNNMoney.com) -- Troubled insurer American International Group - recipient of a more than $100 billion U.S. government bailout - agreed Wednesday to freeze $19 million in payments to former chief executive Martin Sullivan.

Under the agreement with New York State Attorney General Andrew Cuomo, AIG also said it would block distributions from a $600 million deferred compensation and bonus pool intended for the company's financial products subsidiary. Joseph Cassano, the division's former head, has an approximately $69 million stake in the pool

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