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BUSINESS
September 10, 2012 | By Ronald D. White, Los Angeles Times
The U.S. government is selling an additional $18 billion of its shares in insurer American International Group Inc., the company and the Treasury Department announced Sunday. The sale would reduce the Treasury Department's holdings to less than a majority stake in the company. The U.S. had acquired those shares after it pledged more than $182 billion to bail out AIG in exchange for a 92% ownership stake in September 2008, when the company nearly collapsed, marking the largest corporate rescue of the global financial crisis.
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BUSINESS
February 22, 2013 | By John Gapper
In 1984, while flying at 43,000 feet, both engines on American International Group's corporate jet failed. The pilot "calmly but quickly" conferred on which airport he should try to reach with Maurice "Hank" Greenberg, AIG's chief executive. (One engine later restarted, ending the crisis.) If it is unclear to you why a pilot should take advice on how to tackle an air emergency from the head of an insurance company, you clearly don't know Greenberg, who took the helm of AIG in 1967 and was kicked out by his board in 2005.
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BUSINESS
March 2, 2010 | By Nathaniel Popper
In its biggest move yet to repay tens of billions of dollars in federal bailout money, American International Group Inc. agreed Monday to sell its Asian life insurance business for $35.5 billion. The sale of AIA Group to British insurance giant Prudential will let AIG return $25 billion to the Treasury Department and the Federal Reserve as soon as the deal closes, the New York-based company said. That would reduce AIG's bailout tab to about $70 billion from about $95 billion.
NATIONAL
January 10, 2013 | By David Horsey
In “The Fountainhead” and her other tomes of hyper-libertarian fantasy, Ayn Rand posits that society is composed of “Makers and Takers.” In her vision, it is the creative supermen of industry who are the Makers and it is the work-averse, collectivist leeches who feed off the wealth of capitalist empire builders who are the Takers. This week's news about AIG and the big banks suggests that Ayn Rand was wrong. A pretty strong argument can be made that the Makers in American society are the millions of men and women who raise their children the best they can, take part in the life of their communities as coaches, classroom helpers and volunteers for a thousand good causes and put in long hours as employees keeping the nation's businesses and industries going while receiving diminishing pay and benefits.
BUSINESS
December 11, 2012 | By Jim Puzzanghera, Los Angeles Times
WASHINGTON - The Treasury Department said it would raise $7.6 billion in the sale of its remaining shares of American International Group Inc., ending the controversial bailout of the insurance giant with a $22.7-billion profit. The department agreed Tuesday to sell its remaining 234 million shares in AIG, which represented 15.9% of the company, for $32.50 each. The offering is expected to be completed Friday. The sale, in effect, closes the books on a bailout that, at its height, left the government pledging more than $182 billion in taxpayer funds to rescue the firm in return for owning 92% of its shares.
BUSINESS
January 1, 1988
Richard J. Schmeelk and Maurice R. Greenberg have resigned from the board of Salomon Inc., the Wall Street brokerage house announced. Schmeelk, 63, had stepped down in 1986 as head of Salomon's corporate finance department. He will continue in a consulting position. Greenberg, 62, is chief executive of the New York-based multinational insurance company, American International Group.
BUSINESS
June 26, 2008 | From Times Wire Services
International Lease Finance Corp., the world's biggest aircraft lessor, said it may order 300 jetliners from Boeing Co. and Airbus to meet demand from airlines that can no longer afford to buy their own planes. ILFC, a Century City unit of American International Group Inc., said it might purchase 150 single-aisle aircraft from each manufacturer.
BUSINESS
September 26, 1991 | From Times Staff and Wire Reports
Insurer May Lay Off 1,000: American International Group, a large and influential property and casualty insurance company, reportedly plans to lay off 1,000 people, a move that could set off a fresh round of layoffs in the troubled industry. The Wall Street Journal cited unidentified sources as saying the cuts will begin soon and continue during the next six months. The planned cuts would represent about 6% of AIG's staff of 16,000.
BUSINESS
January 9, 2013 | By Jim Puzzanghera
WASHINGTON -- American International Group Inc., said Wednesday its board of directors decided not to sue the U.S. government over the bailout that rescued the company. News that the insurance giant was considering joining a shareholder suit led by former Chief Executive Maurice "Hank" Greenberg provoked outrage and undermined AIG's high-profile advertising campaign thanking America for the bailout. The company's board met Wednesday to listen to presentations about the federal suit by Greenberg's Starr International Co., which alleges the U.S. government shortchanged AIG shareholders in a bailout that at one point had taxpayers on the hook for more than $182 billion.
BUSINESS
January 8, 2013 | By Jim Puzzanghera, Los Angeles Times
WASHINGTON - American International Group Inc. has been trying to put on a new face by thanking America for its bailout. But it may end up with more egg on its face for weighing a lawsuit against the U.S. government over the rescue. Directors of the insurance giant, at their regular meeting Wednesday, are expected to consider joining a suit that argues the bailout - U.S. pledges totaling more than $182 billion - shortchanged the company's shareholders. "It takes a lot of gall to say the government that bailed you out didn't pay you enough," said John C. Coffee, a Columbia Law School professor and expert on corporate governance.
BUSINESS
December 11, 2012 | Jim Puzzanghera
The U.S. Treasury said it is selling the rest of its stake in American International Group Inc., in effect closing the books on one of the biggest and most reviled bailouts of the financial crisis that engulfed the world four years ago. The sale of the Treasury Department's remaining 234 million shares in an offering announced Monday would wipe out the government's 15.9% stake and pad the $15.1-billion profit it has made already from the giant New...
BUSINESS
December 11, 2012 | By Jim Puzzanghera
WASHINGTON -- The Treasury Department said Tuesday it would raise $7.6 billion in the sale of its final shares of American International Group, ending the controversial bailout of the insurance giant with a $22.7-billion profit. The department agreed to sell its remaining 234 million shares in AIG, which represented 15.9% of the company, for $32.50 each. The sale in effect closes the books on a rescue that at its height had the government on the hook for more than $182 billion and owning 92% of the company.
BUSINESS
December 11, 2012 | By Jim Puzzanghera, Los Angeles Times
WASHINGTON - The Treasury Department said it would raise $7.6 billion in the sale of its remaining shares of American International Group Inc., ending the controversial bailout of the insurance giant with a $22.7-billion profit. The department agreed Tuesday to sell its remaining 234 million shares in AIG, which represented 15.9% of the company, for $32.50 each. The offering is expected to be completed Friday. The sale, in effect, closes the books on a bailout that, at its height, left the government pledging more than $182 billion in taxpayer funds to rescue the firm in return for owning 92% of its shares.
BUSINESS
December 10, 2012 | By Jim Puzzanghera
WASHINGTON -- The Treasury Department said Monday that it would sell its remaining ownership stake in insurance giant American International Group, effectively ending one of the largest bailouts of the financial crisis and turning a profit for taxpayers. The sale of the Treasury's remaining 234 million shares -- 15.9% of the company -- would add to the $15.1 billion in profit the government already has made on the bailout. The Treasury would still hold warrants in AIG after the stock sale.
BUSINESS
May 12, 2009 | Times Wire Reports
Embattled insurer American International Group Inc. said it was selling its Japanese headquarters to Nippon Life Insurance Co. for $1.2 billion in cash. The transaction, which would be among the biggest divestitures New York-based AIG has made to reimburse the U.S. government for its massive infusion of aid, is expected to close in the second quarter.
BUSINESS
December 10, 2012 | By Jim Puzzanghera
WASHINGTON --  American International Group announced it is selling a majority stake in its Century City aircraft leasing company to Chinese investors as the insurance giant continued to shed non-essential assets to help pay off its government bailout money. AIG has been trying to sell International Lease Finance Corp. since the 2008 financial crisis. The firm owns or manages more than 1,000 aircraft, which it rents to nearly every major airline worldwide.  The aircraft leasing company's headquarters will remain in Los Angeles, according to AIG and the investor group led by Weng Xianding, chairman of New China Trust Co. They announced the sale late on Sunday.
BUSINESS
December 8, 2012 | By W.J. Hennigan, Los Angeles Times
Insurance giant American International Group Inc. is in talks to sell a 90% stake in its Century City aircraft-leasing company to Chinese investors. AIG revealed in a statement Friday that talks to sell International Lease Finance Corp. were underway. The New York insurance company has been trying to unload the unit since 2008, when AIG nearly collapsed and was forced to go under government control. The leasing company, better known as ILFC, buys aircraft and rents them to airlines for a fixed period.
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