Advertisement
HomeCollectionsAmerican International Group
IN THE NEWS

American International Group

FEATURED ARTICLES
BUSINESS
March 9, 2010
CHARLOTTE, N.C. - American International Group Inc. said Monday that it will sell its American Life Insurance Co. division for $15.5 billion to MetLife Inc. The government-approved deal will give the insurer more cash to repay the billions of bailout dollars it still owes the government. The purchase expands MetLife's presence in Japan and high-growth markets in Europe, the Middle East and Latin America. American Life Insurance, known as Alico, operates in more than 50 countries. MetLife offers services in 17 countries.
ARTICLES BY DATE
NEWS
January 8, 2013
Periodically, one comes across a jaw-dropping example of lawsuit abuse. The Good Samaritan gets sued for preventing a suicide, the robber takes the store clerk to court for fighting back, the B-list starlet sues because nobody watched her sex tape (apocryphal perhaps, but bound to happen someday). But for size, breadth, ingratitude - and sheer chutzpah - it will be tough to beat what a group of executives is seriously contemplating on Wednesday. That's when the board of directors of American International Group, or AIG, will be reviewing whether to join a $25 billion lawsuit against the U.S. government on the grounds that the federal bailout of the insurance giant shortchanged shareholders.
Advertisement
BUSINESS
December 22, 2009
WASHINGTON - A top executive of American International Group Inc. has been granted a $4.3 million pay-package bump by the troubled insurance giant's majority owner - the U.S. government - because the executive has decided to remain with the company. Kenneth Feinberg, the Obama administration's pay czar, approved an AIG request to grant the executive a long-term compensation package that includes stock options with a current value of $3.26 million and an additional incentive award of up to $1 million on top of the executive's 2009 base salary of $450,000.
BUSINESS
March 9, 2010
CHARLOTTE, N.C. - American International Group Inc. said Monday that it will sell its American Life Insurance Co. division for $15.5 billion to MetLife Inc. The government-approved deal will give the insurer more cash to repay the billions of bailout dollars it still owes the government. The purchase expands MetLife's presence in Japan and high-growth markets in Europe, the Middle East and Latin America. American Life Insurance, known as Alico, operates in more than 50 countries. MetLife offers services in 17 countries.
BUSINESS
December 31, 2009
CHARLOTTE, N.C. - American International Group Inc. has lost a top executive due to the government's limits on executive pay. AIG said Wednesday that vice chairman and general counsel Anastasia Kelly has resigned, effective immediately. Kelly left because of the reduction in her base salary that was mandated by the government's pay czar, Kenneth Feinberg, AIG said. Companies like AIG that hold government bailout funds are subject to restrictions including limits on executive pay; in AIG's case, that's the insurer's 100 highest-paid employees.
BUSINESS
By NEW YORK TIMES NEWS SERVICE | August 16, 2005
A former top executive of American International Group in Bermuda, who is described in a lawsuit filed by the New York attorney general's office as having destroyed evidence amid an investigation into AIG, is not expected to face criminal charges by that office, two people briefed on the investigation said. The executive, L. Michael Murphy, was fired by AIG in March for refusing to cooperate with the investigations. In May, the attorney general, Eliot Spitzer, sued AIG and its former top two officers, accusing them of manipulating financial statements and misleading regulators and investors.
NEWS
October 10, 2008
The lives of the rich and infamous were on full display in a congressional hearing room this week. There was Richard S. Fuld Jr., the chief of Lehman Brothers Holding, trying to explain his mega-million-dollar pay package. There was Joseph Cassano of American International Group, the beneficiary of an $85 billion government bailout. He was so good at his job at the insurance giant that he's now receiving $1 million a month in consulting fees. And for the junior executives at AIG, a week at an exclusive spa in California.
BUSINESS
November 26, 2009
NEW YORK - American International Group Inc. has agreed to settle all disputes with its former chairman, Maurice "Hank" Greenberg, the company said late Wednesday. The insurance company, which was bailed out by the government and is now owned by U.S. taxpayers, also resolved its complaints against former Chief Financial Officer Howard I. Smith. AIG said it will pay up to $150 million in past legal fees and expenses for both Greenberg and Smith. The agreement calls for the reimbursements to be reviewed by a third party.
BUSINESS
By BLOOMBERG NEWS | March 17, 1998
STAMFORD, Conn. -- Cendant Corp. yesterday boosted its offer for American Bankers Insurance Group Inc. 16 percent to $3.1 billion in an attempt to wrest the credit insurer from rival bidder American International Group Inc.The move is the latest salvo in a battle pitting Cendant President and Chief Executive Henry Silverman against AIG Chairman Maurice Greenberg.Cendant wants Miami-based American Bankers' credit insurance products to add to a panoply of services and goods such as lodging, car rental and real estate brokerage it markets directly to consumers.
BUSINESS
By NEW YORK TIMES NEWS SERVICE | May 6, 2005
NEW YORK - Federal prosecutors in Manhattan have opened an investigation into whether Maurice R. "Hank" Greenberg, the former chairman and chief executive of insurance giant American International Group, orchestrated an effort to manipulate the company's stock price in his final weeks as chief, people officially briefed on the inquiry said yesterday. The investigation was prompted by an executive with the company's trading group, who told AIG late last week that he had talked with Greenberg about the company's stock price in February, at a time when the stock had begun to fall sharply.
BUSINESS
December 31, 2009
CHARLOTTE, N.C. - American International Group Inc. has lost a top executive due to the government's limits on executive pay. AIG said Wednesday that vice chairman and general counsel Anastasia Kelly has resigned, effective immediately. Kelly left because of the reduction in her base salary that was mandated by the government's pay czar, Kenneth Feinberg, AIG said. Companies like AIG that hold government bailout funds are subject to restrictions including limits on executive pay; in AIG's case, that's the insurer's 100 highest-paid employees.
BUSINESS
December 22, 2009
WASHINGTON - A top executive of American International Group Inc. has been granted a $4.3 million pay-package bump by the troubled insurance giant's majority owner - the U.S. government - because the executive has decided to remain with the company. Kenneth Feinberg, the Obama administration's pay czar, approved an AIG request to grant the executive a long-term compensation package that includes stock options with a current value of $3.26 million and an additional incentive award of up to $1 million on top of the executive's 2009 base salary of $450,000.
BUSINESS
November 26, 2009
AIG resolves all legal disputes with ex-chairman Greenberg NEW YORK - American International Group Inc. has agreed to settle all disputes with its former chairman, Maurice "Hank" Greenberg, the company said late Wednesday. The insurance company, which was bailed out by the government and is now owned by U.S. taxpayers, also resolved its complaints against former Chief Financial Officer Howard I. Smith. AIG said it will pay up to $150 million in past legal fees and expenses for both Greenberg and Smith.
BUSINESS
November 26, 2009
NEW YORK - American International Group Inc. has agreed to settle all disputes with its former chairman, Maurice "Hank" Greenberg, the company said late Wednesday. The insurance company, which was bailed out by the government and is now owned by U.S. taxpayers, also resolved its complaints against former Chief Financial Officer Howard I. Smith. AIG said it will pay up to $150 million in past legal fees and expenses for both Greenberg and Smith. The agreement calls for the reimbursements to be reviewed by a third party.
NEWS
October 10, 2008
The lives of the rich and infamous were on full display in a congressional hearing room this week. There was Richard S. Fuld Jr., the chief of Lehman Brothers Holding, trying to explain his mega-million-dollar pay package. There was Joseph Cassano of American International Group, the beneficiary of an $85 billion government bailout. He was so good at his job at the insurance giant that he's now receiving $1 million a month in consulting fees. And for the junior executives at AIG, a week at an exclusive spa in California.
BUSINESS
By LAURA SMITHERMAN and LAURA SMITHERMAN,SUN REPORTER | December 16, 2005
A national fair housing group has filed a federal complaint against American International Group Inc., accusing one of the nation's largest lenders of discriminating against African-American homeowners in metropolitan Baltimore. The National Community Reinvestment Coalition, in its complaint to the Department of Housing and Urban Development and the Justice Department this week, said AIG and its American General Finance subsidiary have a policy of denying home-equity loans on houses worth less than $70,000.
BUSINESS
November 26, 2009
AIG resolves all legal disputes with ex-chairman Greenberg NEW YORK - American International Group Inc. has agreed to settle all disputes with its former chairman, Maurice "Hank" Greenberg, the company said late Wednesday. The insurance company, which was bailed out by the government and is now owned by U.S. taxpayers, also resolved its complaints against former Chief Financial Officer Howard I. Smith. AIG said it will pay up to $150 million in past legal fees and expenses for both Greenberg and Smith.
BUSINESS
By LAURA SMITHERMAN and LAURA SMITHERMAN,SUN REPORTER | December 16, 2005
A national fair housing group has filed a federal complaint against American International Group Inc., accusing one of the nation's largest lenders of discriminating against African-American homeowners in metropolitan Baltimore. The National Community Reinvestment Coalition, in its complaint to the Department of Housing and Urban Development and the Justice Department this week, said AIG and its American General Finance subsidiary have a policy of denying home-equity loans on houses worth less than $70,000.
BUSINESS
By NEW YORK TIMES NEWS SERVICE | August 16, 2005
A former top executive of American International Group in Bermuda, who is described in a lawsuit filed by the New York attorney general's office as having destroyed evidence amid an investigation into AIG, is not expected to face criminal charges by that office, two people briefed on the investigation said. The executive, L. Michael Murphy, was fired by AIG in March for refusing to cooperate with the investigations. In May, the attorney general, Eliot Spitzer, sued AIG and its former top two officers, accusing them of manipulating financial statements and misleading regulators and investors.
BUSINESS
By NEW YORK TIMES NEWS SERVICE | May 6, 2005
NEW YORK - Federal prosecutors in Manhattan have opened an investigation into whether Maurice R. "Hank" Greenberg, the former chairman and chief executive of insurance giant American International Group, orchestrated an effort to manipulate the company's stock price in his final weeks as chief, people officially briefed on the inquiry said yesterday. The investigation was prompted by an executive with the company's trading group, who told AIG late last week that he had talked with Greenberg about the company's stock price in February, at a time when the stock had begun to fall sharply.
Baltimore Sun Articles
|
|
|
Please note the green-lined linked article text has been applied commercially without any involvement from our newsroom editors, reporters or any other editorial staff.