Treasury Secretary Timothy Geithner made a House Republican go "hmmm."This was news, considering Geithner's audience on Tuesday: the venerable, and lately venomous, House Financial Services Committee, for which no explanation, professed sorrow or death threat report from a witness last week was good enough.No, Rep. Frank Lucas, R-Okla., actually let Geithner answer a question about how much risk public investors might take on under the Obama administration's public-private partnership to...Read Full Story
After creating a plan to radically alter American International Group Inc.'s operations to help repay billions in government loans, chairman and chief executive Edward Liddy is leaving his vision for the insurer in the hands of a whole new set of managers.On Thursday, Liddy said he was stepping down at a time when AIG will add six new directors to its board and is reshaping itself by spinning off or selling large parts of its operations.With a major shake-up among its decision makers, new...Read Full Story
The political scandal over AIG bonuses hit a new high as US media reported the bailed-out insurance giant paid 218 million dollars, over 50 million more than had been disclosed.Connecticut Attorney General Richard Blumenthal calculated the new figures for bonuses paid out by the embattled American International Group after receiving documents from the company Friday, the Hartford Courant reported.The company was quick to reject Blumenthal's number, asserting that the bonuses amounted to the...Read Full Story
Bailed-out US insurance giant AIG on Monday said it will sell its prime Japanese headquarters in Tokyo to Nippon Life, Japan's largest insurer, for 1.2 billion dollars in cash.American International Group, which is trying to sell off assets to repay a massive US government bailout, said it had agreed to sell approximately 0.4 hectare (one acre) of land in Tokyo on which The AIG Otemachi Building in Tokyo is located for 115.5 billion yen (some 1.2 billion dollars).Nippon Life Insurance Co...Read Full Story
AIG chief executive Edward Liddy has informed the company's board he wanted to step down, saying "substantial progress" had been made to stabilize the troubled US insurance giant.Liddy, who is also company chairman, "has informed the board of directors of his intention to step down once the board successfully concludes a search for replacements for these roles," a company statement said Thursday.He has recommended that the chairman and CEO roles be separated ahead of elections at a June 30...Read Full Story
Edward Liddy is a businessman who was made CEO of failed insurance giant AIG in late 2008. He was questioned extensively by congress about bonuses paid to AIG executives after the company was bailed out by the government.