Word: aig
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...Still, sponsoring a sports team is unlikely to bring a company down on its own. Even in the case of AIG - whose $112 million, four-year tie-up with United is the most expensive ever in English football - "if you look at the overall marketing spend of the companies involved, the shirt sponsorship was tiny," points out Rob Mason, managing director of SBI, a British sponsorship consultancy. Any link between the deal and AIG's current woes, Mason says, is "coincidental...
...logo is sewn into a jersey, big firms - not to mention big clubs - are more likely to "carefully select a partner to build a strategic relationship with," he says. With more than half of Manchester United's estimated 75 million fans worldwide now based in Asia, the investment by AIG - keen to build their business in the region - made good business sense. When quizzed by a shareholder why he was pouring so much into the U.K., a modest part of AIG's empire, the insurer's then-CEO Martin Sullivan explained: "I am not buying the U.K. I am buying...
...Maybe the CFTC, a strange little agency overseen by the Congressional agricultural committees, had no business regulating OTC derivatives. But the fact that nobody regulated them, even as the business grew and migrated from banks to firms like Bear Stearns and AIG, is a big reason why the world's financial markets are in such crisis this week. Bear and AIG were bailed out in part because they were big players in the market for credit default swaps, derivatives that are meant to insure against loans gone bad. Regulators have such an unclear picture of who's on the hook...
Uncertainty is everywhere. India's financial services and technology companies, which rely on Wall Street for so much of their business, are still waiting to see exactly how badly they'll be hit. Estimates of potential job losses in India reach as high as 25,000. Tata-AIG, an Indian joint venture with troubled U.S. insurer AIG, has been asked by Indian insurance regulators to show proof of its solvency. The market turbulence is especially worrying for India's middle classes, who have just begun investing on their own in a big way. (A new Bollywood movie, Saas, Bahu...
Philip Aee is a patient man. Patient - and very, very concerned. The 60-year-old retiree was among some 150 other Singaporeans waiting in a long line outside the offices of U.S. insurance giant AIG's Singapore subsidiary, AIA, during the afternoon of Sept. 17. Aee had been standing in the searing sunshine for three hours, but he wasn't giving up. He and his fellow petitioners were desperate to cancel their insurance policies and withdraw investments, just in case AIG went belly up, leaving assets held by AIA in limbo. Aee was well aware that the U.S. Federal Reserve...