Joe Norton News
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Banks and money managers will need to post $480 billion in new collateral to back swaps processed by clearinghouses under the Dodd-Frank Act, according to a Morgan Stanley analysis.
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The Federal Reserve Bank of New York’s role in the $182.3 billion rescue of American International Group Inc. has ended on a high.
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American International Group Inc., Citigroup Inc. and General Motors Co., once the largest insurer, bank and automaker, hold a new distinction after losses forced them to take bailouts. The firms accumulated some of the biggest deferred tax assets that may lower obligations to the government that rescued them.
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American International Group Inc. , the bailed-out insurer, remains in negotiations to salvage the sale of its main Asia unit after Prudential Plc requested a lower price to win shareholders’ approval.
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American International Group Inc. agreed to sell its consumer lender for less than 1 percent of the unit’s $20 billion in assets to avoid the possibility that the business would sap U.S. bailout funds, said three people with knowledge of the transaction.
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American International Group Inc. hired former U.S. Army Lt. Col. Robert Bleimeister and Mitchell Schultz , previously of Invesco Ltd., to improve a human resources department the insurer described as “sub-optimal.”
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The receiver in charge of liquidating WG Trading Co., the firm allegedly used in a Ponzi scheme by former managers Paul Greenwood and Steven Walsh , sued to recover profit made by investors including American International Group Inc. ’s SunAmerica Life Insurance unit.
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American General Finance Inc. debt has lost at least $792 million since Fortress Investment Group LLC agreed to buy the lender last week, punishing bondholders from Loomis Sayles & Co. to Pacific Investment Management Co.
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American General Finance Inc. bonds declined the most in almost two years on speculation that Fortress Investment Group LLC may try to restructure its debt.
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