Word: written
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Dates: during 2000-2009
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...says it has written more than 81 million life-insurance policies, with a face value of $1.9 trillion. It covers roughly 180,000 small businesses and other corporate entities, which employ approximately 106 million people. That makes AIG America's largest life and health insurer; second largest in property and casualty. Through its aircraft-leasing subsidiary, AIG owns more than 950 airline jets. Just for good measure, AIG is a huge provider of insurance to U.S. municipalities, pension funds and other public and private bodies through guaranteed investment contracts and other products that protect participants in 401(k) plans...
...With its high credit rating, AIG FP wasn't required to stockpile reserves, or collateral, as traditional insurers must to cover potential losses. As the CDOs that AIG insured began to crater, the counterparties began asking for more collateral to back their policies, which was written into the contracts. Cassano said in August 2007 that he couldn't imagine a situation in which AIG would "lose one dollar in any of these transactions." He was right. AIG didn't lose a dollar; it lost billions of them...
...toxic paper" woods, as much as Mr. Vikram Pandit, the company's CEO would have people think. According to Bloomberg, the IMF predicts that losses from U.S. loans and securitized assets will reach $2.2 billion. Only about half of that amount has been written off on bank balance sheets, and over the 60 days since the agency put out the figure, it has not been revised. (See pictures of the Top 10 scared traders...
That plan went nowhere, and in mid-February Geithner announced that the government would design a partnership between private investors and the feds that would kick-start a trading market for the assets. But figuring out what mix of incentives and restraints should be written into the program has proved extremely tricky...
Still, as members finalize the budget resolution this week, many members have warned that they would oppose ramming the legislation through the budget process. Obama has set aside $656 billion in the budget for his energy and climate-change plans. Depending on how the bill is written, it could leave the door open to include the whole program in the fiscal 2010 budget, a highly unusual move that would strip the bill from the usual committees of jurisdiction and give the program immunity from filibusters in the Senate. "I want them to having hearings. I want...