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[49] AIG failed to respond, [50] so Cuomo subpoenaed them for the names of the bonus recipients. [51] Cuomo announced that 73 AIG employees were each paid more than $1 million in bonuses, saying "AIG made more than 73 millionaires in the unit which lost so much money that it brought the firm to its knees, forcing a taxpayer bailout."
After assessing that a disorderly failure of AIG could worsen the current financial and economic crisis, [38] and at the request of AIG, the Federal Reserve Bank of New York intervened. The Federal Reserve required a 79.9 percent equity stake as a fee for service and to compensate for the risk of the loan to AIG. [14]
American International Group (NYSE: AIG) just got $30 billion more of our money over the weekend. There were no pesky Congress members debating whether to give it our billions -- just a feverish ...
The Commission concludes AIG failed and was rescued by the government primarily because its enormous sales of credit default swaps were made without putting up the initial collateral, setting aside capital reserves, or hedging its exposure—a profound failure in corporate governance, particularly its risk management practices. AIG's failure ...
I sat down with former AIG chairman and CEO Hank Greenberg this week. We talked about everything from AIG's early days, its growth, to its downfall and bailout in 2008. Below is one of the most ...
The more I learn about why we've committed $180 billion to a company that lost $99 billion in the last year, the more I scratch my head and wonder: Why we don't just let it fail? The answer that ...
AIG Financial Products Corporation (AIGFP) is a subsidiary of the American International Group, headquartered in New York, New York, with major operations in London. The collapse of AIG Financial Products, headquartered in Wilton, Connecticut , is considered to have played a pivotal role in the global financial crisis of 2008–2009 .
Hank Greenberg, former chairman and CEO of AIG , sued the government last year for $25 billion, related to the 2008 bailout of the company he founded and built. The common response when hearing ...