March 2, 2010 |
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.
December 11, 2012 |
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.
February 22, 2013 |
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.
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.
June 26, 2008 |
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.