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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."
AIG received an $85 billion emergency loan in September 2008 from the Federal Reserve. [13] which AIG wais expected to repay by gradually selling off its assets. [14] In exchange, the federal government acquired a 79.9% equity stake in AIG. [14] Washington Mutual (WaMu) was seized in September 2008 by the US Office of Thrift Supervision (OTS). [15]
Had AIG been allowed to go bankrupt and not pay these banks what it owed them, these institutions could have failed, causing risk to the entire financial system. Since September 2008, the U.S. government has since stepped in with $150 billion in financial support for AIG, much of which flows through AIG to the banks. [64] [65]
His new book, The AIG Story, chronicles the rise and growth of AIG, including the fall and bailout in 2008. Mr. Greenberg, thank you for taking the time to talk to us today. Hank Greenberg: Thank you.
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 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 ...
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 last week. We talked about everything from AIG's early days, its growth, to its downfall and bailout in 2008. Something I've thought ...