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Topic - American International Group
Being an executive at a "too big to fail" company has its perks. After U.S. taxpayers rescued AIG, General Motors and Ally Financial, many of the individuals responsible for botching business plans and bringing those major corporations to the brink of bankruptcy enjoyed fat paychecks and bonuses.
Facing a certain backlash from Washington and beyond, American International Group won't be joining a $25 billion shareholder lawsuit against the U.S. government over the terms of its bailout at the height of the financial crisis.
American International Group Inc. said Tuesday its board of directors will weigh whether to take part in a shareholder lawsuit against the U.S. over the government's $182 billion bailout of the insurer.
Officials at Egypt's main international airport were reducing a backlog of delayed flights and trying to placate angry passengers on Sunday, after two days of strikes left planes grounded and some travelers stranded.
Several regulators have called recently for drastic changes in the money-market mutual-fund industry. Proposed "reforms" include abolishing the industry by getting rid of the stable $1 net asset value that is the essence of the product and requiring costly "capital buffers" that would tax investors far beyond any realistic estimates of risk.
The government says it expects to receive $750 million more from the latest sale of stock held in American International Group. The sales are part of an effort to recoup taxpayer money from the largest bailout of the 2008 financial crisis.
American International Group, the insurance giant saved by a massive federal bailout, wants some tax money back from 1991.
The Federal Reserve said Wednesday that it had sold $6.2 billion of assets once held by bailed-out American International Group Inc. to New York investment bank Goldman Sachs.
About 4 million homeowners who may have been improperly foreclosed upon in 2009 and 2010 are getting an opportunity to have their cases reviewed. Whether they will be reimbursed is up to the same lenders who are accused of moving too swiftly to seize their homes.
Deputy Attorney General James Cole was confirmed on Tuesday by the Senate, mostly along party lines, as Attorney General Eric H. Holder, Jr.'s top deputy - a position he has held since Jan. 3 when he was installed by President Obama in a temporary recess appointment.
Deputy Attorney General James Cole was confirmed on Tuesday by the Senate, mostly along party lines, as Attorney General Eric H. Holder Jr.'s top deputy — a position he has held since Jan. 3 when he was installed by President Obama in a temporary recess appointment.
The Treasury Department plans to start selling its dominant share of insurance giant American International Group, one of the largest recipients of corporate bailout funds during the 2008-09 financial crisis, as it slowly backs out of the private sector.
On the eve of the Treasury Department's sale of its massive position in American International Group (AIG), one group of people has reason to be livid. It is made up of those who held AIG shares on Sept. 16, 2008, because on that day, their property rights were violated egregiously.
The government and AIG, the giant insurer rescued with $182 billion at the depths of the 2008 financial meltdown, announced a plan Friday to end taxpayer involvement in the company over the next two years.
AIG said Monday it raised nearly $37 billion from the divestment of two foreign insurance units and will use that money toward repaying a government bailout.