Wall Street firms have failed to keep up with a stock market that’s boomed for more than five years, losing ground to industries including technology and health care.
He may have been a reluctant witness, but former Federal Reserve Chairman Ben Bernanke delivered powerful testimony during the 10th day of the AIG bailout trial.
American International Group Inc. (AIG)’s unique set of risks was seen by one of the primary orchestrators of its rescue as requiring tough conditions that included the government’s taking most of the insurer’s stock.
Timothy Geithner backed away from two of his more provocative assessments of the 2008 bailout of American International Group Inc., in a day of courtroom testimony marked by careful answers and a lack of recollection about the details of the financial rescue he helped oversee.
Former Treasury Secretary Henry Paulson’s testimony that American International received harsher terms than other institutions getting government bailouts in the financial crisis sets the stage for Tuesday’s examination of a second architect of the rescue.
The Bank of England is to clamp down on insurance companies by subjecting their bosses to tougher scrutiny and forcing them to take steps to bolster their financial strength, Mark Carney has warned.
'I never was at a dark place. I felt the hardest thing is telling Denise, then telling my son and my daughter was very hard on me'.
A federal judge has rejected the United States' bid to dismiss a more than $25bn lawsuit filed by Maurice 'Hank' Greenberg, the former chief executive of American International Group Inc, over the insurer's government bailout, clearing the way for a September 29 trial.
American International Group has reached a $650 million settlement with Bank of America over residential mortgage related disputes.
American International Group reported quarterly earnings and revenue that easily beat analysts' expectations on Thursday and announced it will cut its workforce by 3 percent because of a charge taken in the fourth quarter.