AIG - Media

2008 

  • 2008 0513 - NYT - Maurice Greenberg tells Board that AIG is in 'Crisis' - [link]
  • 2008 0523 - Reuters - UPDATE 1-Moody's cuts AIG rating; shares fall - [link]
  • 2008 0627 - Reuters - AIG To Lose Up To $5 Billion From Investments: Report - [link]
  • 2008 0627 - Bloomberg  News - AIG Poised to Absorb $5 Billion Losses From Securities-Lending, Miles Weiss - <WishList>
  • 2008 0628 - Bloomberg News - AIG to Absorb US $5B Losses on Securities Lending: Insurance Units Wrote Down $13B Tied To Mortgages - 28 June 2008) - Martin Weiss - <WishList>
  • 2008 0915 - WSJ - S&P Downgrades AIG, Citing ‘Reduced Flexibility’- [link]
    • All of these ratings remain on CreditWatch with negative implications, where they were placed on Sept. 12, 2008.
  • 2008 0916 - WSJ - U.S. to Take Over AIG in $85 Billion Bailout; Central Banks Inject Cash as Credit Dries Up - Emergency Loan Effectively Gives Government Control of Insurer - [link]
    • 2008 0916 (3:30pm) - AIG / FRB ? - Email from Larry Nath Regarding Speaking To The Fed Possible AIG Bankruptcy - 1p
  • 2008 0916 - Reuters - Worried Singaporeans Rush to Redeem AIG Policies - [link]
  • 2008 0916 - Time Magazine - Why the Government Wouldn't Let AIG Fail, By Justin Fox - [link]
  • 2008 0917 - Business Recorder - Hundreds of AIG Policyholders Throng Asian Offices, Agence France Presse [link]
    • 2010 0610 - COP - Report - The AIG Rescue, Its Impact on Markets, and the Government’s Exit Strategy - 337p
  • 2008 0917 - Time Magazine - AIG Bailout Spooks Customers Around the World - [link]
  • 2008 0917 - WSJ - Throwing a Lifeline to a Troubled Giant, Andrew Ross Sorkin - 6p
    • “The threat of bankruptcy was a real threat,” Mr. Dinallo said. The government began to fear that the collapse of A.I.G. would lead to devastating losses across the financial industry.
    • Among the points highlighted for lawmakers was that A.I.G. was one of the 10 most widely held stocks in 401(k) retirement plans, and that its collapse could potentially cause an enormous run on mutual funds.
    • Or as Mr. Schumer explained after the meeting: “If A.I.G. went down, it would affect Main Street more than Wall Street.”
  • 2008 0918 - Taiwan News - AIG's roots run deep in Asia Asian subsidiaries try to calm fears in founding region and vital market - [link]
    • People queue outside an AIA office in Singapore's main business district yesterday. AIA is a subsidiary of American Insurance Group. - Picture
  • 2008 0921 - WSJ - Protections for AIG Policyholders - [link]
    • AIG's insurance subsidiaries "did not receive a bailout; they are financially solvent," Sandy Praeger, president of the National Association of Insurance Commissioners, said in a statement last week.
    • "Typically the new insurer will provide all of the protection that would have been provided under the old policy," he says.
      • But it is possible in some situations that people with life-insurance policies worth more than the state limits may find they're on the hook for a higher premium or a reduced death benefit, Mr. Gallanis says.  <NOLHGA>
  • 2008 1003 - NYT - A.I.G. Uses $61 Billion of Fed Loan - [link]
  • 2008 1008 - WSJ - AIG Increases Borrowings While Racing to Sell Assets - [link]
    • Securities Lending
    • 2009 0305 - GOV - Perspectives on Systemic Risk
  • 2008 1010 - WSJ - Further Loan To AIG Shows Fed Miscalculated Risks, By Liam Pleven, Carrick Mollenkamp and Craig Karmin - 2p
  • 2008 1030 - WSJ - Securities-Lending Sector Feels Credit Squeeze, Karmin and Scism - <WishList>
  • 2008 1030 - Reuters - AIG units to participate in commercial paper program - [link]
    • AIG Funding Inc, International Lease Finance Corporation, Curzon Funding LLC and Nightingale Finance LLC may issue up to $20.9 billion of commercial paper under the New York Fed’s program.
  • 2008 1223 - CNN - AIG's rescue has a long way to go When will the government's costly bailout of the deeply distressed insurance giant be over? Don't expect it to be anytime soon., Carol J. Loomis - [link]

2009

  • 2009 0119 - Fortune - AIG: The Company That Came To Dinner, Carol J. Loomis— A Fortune Profile, Contents:VOL. 159, NO. 1 - January 19, 2009 - [lnsuranceNewsNet-link]
    • "kill list." It was created by AIG's controller, David Herzog
  • 2009 0205 - businessinsider - How AIG Lost Billions By Helping Short-Sellers, John Carney - [link]
  • 2009 0205 - WSJ - An AIG Unit's Quest to Juice Profit, A close look at the 2,000-employee AIG Investments unit shows how this part of the conglomerate made gambles that helped cripple the firm. - Serena Ng and Liam Pleven - [link]
  • 2009 0302 -  NYT - The Case for Saving A.I.G., by A.I.G., Andrew Sorkin - [link],  aka The Case for a Giant, by a Giant.,

  • 2009 0303 - NYT - Fed Chief Says Insurance Giant Acted Irresponsibly - [link]
    • Bernanke - "This was a hedge fund, basically, that was attached to a large and stable insurance company.” - Bolted On
  • 2009 0305 - NYT -
    • "AIG Financial Products is not a licensed insurance company," Dinallo said. "It was not regulated by New York State or any other state."
    • But Senator Richard Shelby, an Alabama Republican on the committee, repeatedly needled Dinallo. "Are you trying to evade your responsibility?" Shelby asked. "You can claim here today that you have little responsibility, if any, for all these problems?"
    • Dinallo argued that AIG's securities lending unit had only minor losses and would have been successfully wound down had the insurance giant not suffered so many losses stemming from its credit default swap positions.
    • 2009 0305 - GOV (Senate) - American International Group: Examining What Went Wrong, Government Intervention, And Implications for Future Regulation - aka Government Intervention and Regulation of AIG - [PDF-72p, VIDEO-CSPAN]
  • 2009 0305 - WSJ - AIG's Black Box The fourth rescue is not a charm, <Author??> - [link]
    • Have Fed and Treasury staff, with their copious amounts of free time, studied state and international insurance regulatory schemes and deemed them inadequate? 
    • If the argument is that an AIG failure would deprive customers of needed insurance products, this seems to be even more of a stretch.
  • 2009 0317 - NewsWeek - Hirsh: The Next AIG Scandal?, by Michael Hirsh - [link]
  • 2009 0327 - The Philadelphia Inquirer - Congressman wants AIG leaders jailed (Alan Grayson (US House-(D-FL)) - [link]
  • 2009 0327 - WSJ - Top Risk Officers Remain at AIG's Helm - The group inside AIG that oversaw some of the company's biggest bets remains largely unchanged even after the $173 billion government bailout. by Liam Pleven - [link]
  • 2009 0402 - businessinsider - AIG: "A Ponzi Scheme Plain And Simple", Joe Weisenthal - [link]
  • 2009 0517 - Insider - Was AIG Cooked Long Before Joe Cassano?, by Joe Weisenthal - [link]
    • ... slowly hints at the idea that Cassano is really a fall guy.
    • In 2001, when independent analysts working for The Economist magazine questioned the company's rich valuation, they were met with legal threats from the company.
      • <Bonk: 2604 - New York Consolidated Laws, Insurance Law - ISC § 2604. False statements as to insurers.>
  • 2009 0522 - Court House News - Financial Planner Says AIG Is Lying - [link]
  • 2009 0613 - Sandiego Reader - Why Haven't State Regulators Gone After AIG?, Don Bauder - [link]
  • 2009 0730 - NYT - After Rescue, New Weakness Seen at A.I.G., by Mary Williams Walsh - [link]
    • Dear Colleague Letter - Bean, Royce
    • 2009 0731 - NAIC to NYT - re: The New York Times July 30 article, “After Rescue, New Weakness Seen at A.I.G” by Mary Williams Walsh - 1p

2010s

  • 2010 0202 - WSJ - Eric Dinallo - What I Learned at the AIG Meltdown: State Insurance Regulation Wasn’t the Problem - [link]
    •  If AIG had gone bankrupt, state regulators would have seized the individual insurance companies. 
    • So it's true that AIG's insurance policyholders would have been protected and an AIG bankruptcy would have been bad for those same policyholders and the insurance industry.
  • 2010 0609 - therealnews.com - Did Bush Officials Hide Depths of AIG Problems?, by Greg Gordon - [link]
    • <WishList> - A McClatchy analysis of the finances of 20 of AIG’s larger insurance subsidiaries at the time has found a much bleaker picture, however:
  • 2010 0609 - McClatchy - AIG's problems far greater than Bush officials told public, Greg Gordon - [link] 
  • 2010 0701 - businessinsider - Actually, It Might Be All Win Neuger's Fault AIG Collapsed, Not Goldman Sach's - [link]
  • 2010 1001 (Updated) - Policyholders Safe, Say States AIG Won't Need to Tap Insurance Units for Funds; Still, 'It's an Involved Plan', By Leslie Scism - [link]

  • 2010 0629 - LC - Transatlantic vs AIG - Affirmation of Anthony J. Albanese - 116p
    • 78. AIG Investments senior executive and then-AIG Chief Investment Officer Win Neuger was instrumental in the decision.
    • As reported by the Wall Street Journal on February 5, 2009, "Mr. Neuger and Kevin McGinn, who has been AIG's chief credit officer since 2004, signed off on the proposal, agreeing in a memo that the guidelines didn't subject the [Program] portfolio to undue risk."

  • 2018 0308 - WSJ - The Raid on AIG’s Equity Was Illegal - [link]
  • <WishList - AIG - Media>
    • <WishList> - AIG's stumbles sack domestic life industry in Q1, SNL's statutory data shows, Zawack, Tim., The SNL Insurance Daily; Charlottesville (Jun 02, 2008). - [link]
    •