American International Group, Inc. (AIG) Financial News - HSBC-Libor Probe, Dutch Deposit Guarantee, IMF-BASEL, Gabelli: Compliance

American International Group, Inc. (AIG)

HSBC-Libor Probe, Dutch Deposit Guarantee, IMF-BASEL, Gabelli: Compliance

Quote: Ex-General Re Officers Win Retrial After Convictions Tossed American International Group Inc. (AIG) won reversal of their 2008 convictions on charges that they defrauded AIG investors of as much as $597 million. Connecticut, after a six-week trial. The fraud centered on what prosecutors called a sham transaction to inflate AIG’s loss reserves by $500 million. It preceded by several years the financial crisis of New York-based AIG, which got a bailout of $182.3 billion from U.S. taxpayers. The appeals court said the judge erroneously let prosecutors display to jurors three charts with AIG stock-price data. The charts suggested, without foundation, that the transaction caused the stock to plummet “and (given the role of AIG in the financial panic) prejudicially cast the defendants as causing an economic downturn that has affected every family in America,” a three-judge appeals panel ruled. The case is U.S. v. Ferguson, 08-6211, U.S. Court of Appeals for the Second Circuit (New York). For more, click here. Indiana Bank Closure Brings Failed Bank Cost to $5.06 Billion The closure of Integra Bank of Evansville brings the cost of failed banks to the Federal Deposit Insurance Fund in 2011 to $5.06 billion, according to data provided by the FDIC. Integra, which had 52 branches, was closed July 29 by regulators and the FDIC was appointed as receiver. Evansville’s Old National Bank will assume all of Integra’s deposits. For a table listing banks that have failed since 1934 and their cost since 1986 in millions of dollars to the Deposit Insurance Fund, click here. Comings and Goings OCC Names Benhart Deputy Comptroller for Credit and Market Risk statementWashington yesterday. Benhart will be one of two deputy comptrollers for credit and market risk at the agency. He will be a principal adviser on emerging systemic risks in the banking system, the ...
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American International Group, Inc. Stock Summary

American International Group, Inc., through its subsidiaries, provides insurance and financial services in the United States and internationally. It operates in four segments: General Insurance, Life Insurance and Retirement Services, Financial Services, and Asset Management. The General Insurance segment underwrites various business insurance products, including large commercial or industrial property insurance, excess liability, inland marine, environmental, workers? compensation, and excess and umbrella coverages. It also offers various specialized forms of insurance, such as aviation, accident and health, equipment breakdown, directors and officers liability, difference-in-conditions, kidnap-ransom, export credit and political risk, and professional errors and omissions coverages. In addition, this segment provides property and casualty reinsurance products to insurers; automobile insurance products; residential mortgage guaranty insurance products; and commercial and consumer lines of insurance products. The Life Insurance and Retirement Services segment offers individual and group life, payout annuities, endowment, and accident and health policies, as well as retirement savings products consisting of fixed and variable annuities. The Financial Services segment provides commercial aircraft and equipment leasing, capital market operations, consumer finance, and insurance premium financing. The Asset Management segment offers investment-related services and investment products to individuals, pension funds, and institutions. The company was founded in 1967 and is based in New York, New York.