American International Group (AIG)
An inspector calls
Since his appointment last December, Tarp inspector Neil Barofsky has conducted a range of audits and investigations into sensitive issues – most recently condemning the US Treasury’s oversight of AIG’s compensation policies. He speaks to Mark Pengelly…
Battling the benchmark
In 2007, investors demanded more active commodity indexes to capitalise on the bull run in the asset class. But benchmarks and beta offerings alike were hit by last year’s drawdown. Will this lead investors to abandon directional offerings in favour of…
AIG bolsters retirement business
Jay Wintrob has been appointed to the newly created position of president and chief executive officer of domestic life and retirement services at indebted insurer AIG. Wintrob was formerly president and chief executive of AIG Retirement Services, and…
New CEO for AIG
Robert Benmosche will join AIG as chief executive later this month.
AIG warns of potential losses in CDS portfolio
AIG could be exposed to further losses on the super-senior credit default swap (CDS) portfolio held by its subsidiary AIG Financial Products (AIG FP) should credit markets continue to deteriorate, according to a filing the company made to the US…
AIG forex prime brokerage bought by BNP Paribas
The US foreign exchange prime brokerage business of AIG Financial Products (AIG FP) has been transferred to BNP Paribas, along with eight staff.
US regulatory reforms will target the big players
The Obama administration’s proposals on regulatory reform make it clear that, in future, size will matter to the regulation of US financial firms.
CFTC targets dealers, leverage and counterparty risk
Gary Gensler, the new chairman of the US Commodity Futures Trading Commission (CFTC), outlined tighter restrictions on derivatives dealers and traders in testimony to the US Senate yesterday.
US to regulate OTC derivatives
Daily news headlines
AIG trims loss in Q1
Insurance giant AIG reported a net loss in the first quarter of 2009 of $4.35 billion. While undoubtedly a poor result, it at least marked something of an improvement from its fourth-quarter 2008 result when it reported a loss of $61.7 billion - the…
AIG dismantled risk controls on CDS portfolio, says Greenberg
American International Group Financial Products (AIGFP) dismantled existing risk management controls around its credit default swap (CDS) portfolio following the ousting of Hank Greenberg, the former chief executive has alleged in a new lawsuit.
US to restructure AIG bailout after $61.7 billion Q4 loss
Marking the largest corporate quarterly loss in US history, today AIG reported that it lost $61.7 billion in the fourth quarter of 2008. It blamed disruption in the credit markets, particularly within its commercial mortgage-backed securities (CMBS)…
AIG under fraud spotlight
Losses & Lawsuits