When he was in his 70s, and still very much on top of the world, AIG chief executive Maurice "Hank" Greenberg used to laugh off any hint that his time at the helm of the world's largest property/casualty insurer might be nearing an end. Asked about retirement in 2002, he replied, "I had a great-grandmother who worked until she was 108 and then died in an accident." Now...
American International Group Inc. ’s swaps unit sued ICP Asset Management LLC for fraud in connection with collateralized debt obligations that the insurer says cost it more than $350 million in damages.
American International Group Inc. , citing abuse directed against traders who got bonuses after the company’s bailout, is fighting to keep pay records private from ex-employees seeking the data in a sex-discrimination lawsuit.
Andrew Forster , an executive of American International Group Inc. ’s derivatives unit, said he was surprised that the insurer’s managers were unaware of collateral-posting requirements included in the contracts.
The jury in the trial of former Galleon Group LLC trader Zvi Goffer heard from a disbarred lawyer who told of using prepaid cell phones to pass along merger tips gleaned from his former law firm and taking cash- stuffed envelopes in return.
American International Group Inc.’s near failure in 2008 shows that government watchdogs may struggle to curb risk beyond insurers’ traditional underwriting businesses, an executive at rival Berkshire Hathaway Inc. said.
As International Monetary Fund chief Dominique Strauss-Kahn awaits his first court appearance on attempted rape charges in New York, the IMF has called on John Lipsky, who it named acting director yesterday, to guide it through its own crisis.