Former Federal Reserve Chairman Ben Bernanke took the stand in the American International Group bailout trial Thursday afternoon appearing slightly combative and vaguely annoyed at having to testify.
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.
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 announced that CEO Bob Benmosche is will resign as of Sept. 1. He will be replaced by Peter Hancock.
A New York state judge declined to delay court approval of Bank of America's $8.5bn settlement with investors in mortgage-backed securities, rejecting a move by American International Group.
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.
The CEO of bailed-out insurance giant American International Group has backed away from inflammatory comments in which he compared the public anger over bonuses to the lynching of African Americans in the Deep South.
American International Group (AIG), the first non-bank to disclose it’s under consideration to be labeled a potential risk to the financial system, said it won’t contest such a designation, which could lead to tighter capital rules.