aig

House Votes to End 'Car Czar,' 'Pay Czar' Posts

Republicans in the House of Representatives voted Thursday to eliminate the Obama administration's "car czar," as well as the "pay czar" who oversees compensation at companies bailed out with TARP money, and seven other presidential advisers.

AIG Sells Stake in Taiwanese Insurance Company

In a second attempt to sell its 97.6% stake in Nan Shan Life Insurance, a Taiwanese insurer, American International Group has agreed to a $2.16 billion deal with the Ruen Chen consortium.

AIG's Nan Shan Unit Attracts Multiple Buyout Bids

AIG, which wants to spin off its Taiwan-based Nan Shan Life Insurance unit, has a few live ones nibbling on the line to snap it up, according to a Bloomberg report. The company has disclosed in an SEC filing that Nan Shan has attracted unsolicited offers ranging from $2.15 billion to $3 billion.

AIG Says CEO Benmosche Has Cancer

AIG (AIG) said that CEO Robert Benmosche has cancer and is undergoing aggressive chemotherapy. "The good news is that I feel fine, and I continue to work according to my normal schedule," Benmosche said in a statement. "I remain absolutely committed to my job, to AIG, and to all of our stakeholders."

AIG Raises $17.8 Billion with Hong Kong IPO

AIG (AIG) raised HK$138.3 billion ($17.8 billion) from the IPO of its main Asian unit, putting the troubled insurer on track to repay its U.S. government bailout. AIG placed 7.03 billion shares at HK$19.68 a share, Bloomberg News said. The shares sold represent a 58% stake in the unit, AIA.

AIG Finalizes Its Plan to Repay the U.S. for Bailout

After months of planning, AIG announced Thursday that it had entered into an agreement with the Treasury Department and the Federal Reserve Bank of New York about how it will repay in full its obligations to the U.S. government and regain its independence.

Government Close to Announcing AIG Exit Strategy

The government is close to announcing its plans to end the bailout of American International Group (AIG), returning the company to independence and recovering taxpayer funds. The Treasury is planning to begin converting its $49 billion preferred stake into common stock for sales, Bloomberg News said without naming its sources. The plan could be announced this week.

AIG May Sell Japanese Units to Prudential Financial for $5 Billion

American International Group (AIG) may sell two Japanese life-insurance units to Prudential Financial Inc. (PRU) for a total of as much as $5 billion, The Wall Street Journal said. The agreement is currently "a few days away" from being ready, The Wall Street Journal said without naming its sources.

AIG Seeks Listing Committee Approval for AIA IPO

American International Group (AIG) is seeking Hong Kong listing committee approval on Sept. 21 for the IPO of its Asian life insurance unit, Reuters reported. The date is earlier than expected, which could mean that the IPO of the company%u2019s AIA unit will come in October, rather than November, Reuters reported without naming its sources.

Taiwan Regulators Block Sale of AIG Unit

Regulators in Taiwan blocked the proposed $2.15 billion sale of AIG%u2019s (AIG) Taiwan life insurance business to a Hong Kong-based consortium. AIG struck a deal in October to sell the Nan Shan unit to China Strategic Holdings and Primus Financial Holdings, the Financial Times reported. Regulators initially accepted the deal, then requested more information from the consortium, as well as assurance from Nan Shan.

AIG Sets Deadline for Talks With Investors Ahead of AIA's IPO

American International Group (AIG) will make a decision by early next week about whether to begin formal negotiations with strategic investors for its Asian life insurance unit AIA, Reuters reported. Insurer AIG has been considering selling stakes in AIA to strategic investors ahead of the unit%u2019s planned IPO. Several Chinese investors had expressed an interest in taking a stake.

Fed Considering Reducing AIG's Credit Line by $3.6 Billion

The Federal Reserve is planning to reduce its credit line to American International Group (AIG) by about $3.6 billion, indicating growing confidence that the insurer can decrease its reliance on the public sector. The terms of AIG%u2019s 2008 rescue indicated that when the company paid down the credit line, it would reduce the amount of credit available, Bloomberg News reported without naming its sources. Last year, the Fed made an exemption on $3.6 billion of money from asset sales. Now it has decided that the relief may not be necessary any more.

AIG Prepares for First Bond Offering Since Bailout

American International Group is laying the groundwork for its first debt offering in two years, an offering that could be a key test of whether investors think the insurance giant can stand on its own and ultimately repay U.S. taxpayers for its bailout.

AIG Talking to Investors About Planned IPO For AIA

American International Group (AIG) is talking to potential investors to sell stakes in its Asian life insurance business AIA, ahead of a planned IPO of the unit. Investors including Temasek Holdings, China Investment Corp and Abu Dhabi Investment Authority have all registered their interested in taking stakes in AIA, Reuters reported without naming its sources.

Legal Briefing: AIG to Pay $725 Million Fraud Settlement, Eventually

In the settlement of a lawsuit that predates the financial meltdown, AIG has agreed to pay shareholders $725 million for years of fraudulent practices that led to investors loosing money on the stock. But they only get $175 million up front. The rest, they may wind up getting in shares of AIG.

Goldman Makes Another Great Deal -- for Goldman

The $550 million SEC settlement is just 8.9% of the $6.2 billion increase in Goldman's market value on the day the deal was announced. And it's an even smaller portion of the cash, backdoor, taxpayer-funded bailout Goldman was handed in 2008.

Trouble in the Boardroom: AIG's Golub Is Latest to Resign

The chairman of AIG was not the only top executive to resign in recent weeks. In what appears to be a clash of the titans in corporate boardrooms, the heads of Paychex, H&R Block, and W.P. Carey have also recently joined the ranks of the unemployed.