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Nonprofits have long sensed trouble. In its most recent Philanthropic Giving Index - sort of a Consumer Confidence Index for donations - the Center on Philanthropy reported in July that nonprofits were feeling less optimistic than they had six months ago. And that was before Lehman, before AIG, before the S&P 500 Index dove off a cliff. Gregory Boroff, senior vice president for external relations at the New York Food Bank, notes that his organization's donations from direct mailings is down 27% from the same time last year. Like City Harvest, the New York Food Bank receives the bulk...
...banks did - only about 10% of investments were in those areas industry-wide. It is those investments that have caused recent reported investment losses at MetLife and The Hartford. About two-thirds of insurance company investments are in solid, conservative instruments like federal and municipal bonds. Even AIG, the insurance giant bailed out by the federal government in September, is solvent in its insurance operation. The losses at AIG came mostly from the unrelated financial services division, which other insurance companies do not have...
...Hank Paulson in Europe, nor a precise counterpart to Federal Reserve Chairman Ben Bernanke. Jean-Claude Trichet heads the European Central Bank, but it cannot play the lender of last resort, as the Fed did on Sept. 16 by loaning $85 billion to prop up the U.S. insurance giant AIG. In Europe, governments must act instead...
...mergers and acquisitions, for example, is down by about two-thirds from its peak in 2006, while the public stock offerings that made the London Stock Exchange a shooting international star have fizzled. Given the role played by arcane financial engineering in triggering the current crisis - the troubles at AIG, for example, stem largely from its freewheeling London financial-products division - the future looks especially bleak for people working in structured finance and complex derivatives. No surprise, then, that HSBC, Citigroup, Credit Suisse and others have started cutting staff...
...shadow banking system what was done for the regular banking system in the 1930s. To stop the institutional run on money markets, Paulson announced on Sept. 19 an insurance fund for them that would be backed up by funds usually reserved for currency stabilization. The AIG and Merrill Lynch interventions were attempts to dissolve failing companies in an orderly fashion without panic, as was the Wachovia bailout. The opening of the discount window to investment banks was the first effort to provide access to a lender of last resort. As for regulation, that will have to be something...