Word: aig
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Treasury considers that a firm has received exceptional financial assistance if it has received government aid outside of the initial $250 billion bank bailout, in which the government injected capital into financial firms in return for preferred shares and stock warrants. The list originally included AIG, Bank of America, Chrysler, Chrysler Financial, Citi, GMAC and General Motors. But in December, Bank of America and Citigroup struck deals with the government to get off the list. Bank of America raised nearly $20 billion from investors and paid back the government the $45 billion it was lent under TARP...
...time wasted in petty turf wars with state legislators - hardly mattered. He spent eight years as attorney general of New York and became known as a defender of the public against the corrupt impulses of Wall Street. He investigated subprime-mortgage lenders for making unscrupulous loans, went after AIG for bid rigging and charged stock analysts with deceptive practices. His nickname, the Sheriff of Wall Street, and his I'm-better-than-everyone-else persona carried him into the governor's office, where, despite a rocky first year, he was expected to bide his time before moving on to bigger...
Also a factor in Monday's slide: plans announced by Prudential, a British insurer, to buy the Asian operations of AIG for an eye-popping $35 billion. Much of that would be paid in cash, Prudential said, which would mean swapping huge piles of sterling for dollars. Toss in the relentless pressure from speculators betting on a falling pound, as well as Britain's generally horrible fiscal position, and "sterling has sailed into a perfect storm of negativity," Nick Beecroft, a senior foreign exchange consultant at Saxo Bank, wrote in a research note earlier this week...
...then and now. As President-elect, Obama extended to the outgoing Bush Administration a statesmanlike cooperation that was the exact opposite of Roosevelt's politically shrewd distancing of himself from his discredited predecessor, Herbert Hoover. Obama could have scored cheap political points by leaving such criminally mismanaged enterprises as AIG and GM to their fate. Of course, he might also have touched off an economic smashup. In pursuing what he believed to be the responsible course, Obama echoed George W. Bush's fourth-quarter abandonment of free-market gospel. For both men, survival trumped ideology. In the process, however...
With recently subpoenaed e-mails indicating that the New York Federal Reserve had sought to conceal details of the controversial $182 billion bailout of troubled insurance giant AIG, U.S. Treasury Secretary Timothy Geithner--head of the New York Fed when the e-mails were sent--was called to testify Jan. 27 on Capitol Hill, along with his Treasury predecessor Henry Paulson. At issue: the use of taxpayer money to cover AIG's debts to Goldman Sachs, Morgan Stanley and other Wall Street firms. Both men defended the "backdoor bailout" and denied any involvement in the alleged attempt to hide...