Joseph Cassano Follow Up
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AIG Financial Products Corp
AIG Financial Products Corp. 50 Danbury Road, Wilton, CT 06897-4444 For Immediate Release AIG FINANCIAL PRODUCTS AND GLOBAL INFRASTRUCTURE PARTNERS AGREE ON THE ACQUISITION OF LONDON CITY AIRPORT LONDON – 11 October, 2006 -- AIG Financial Products Corp. (AIG-FP), a wholly- owned subsidiary of American International Group, Inc., and Global Infrastructure Partners (GIP), the infrastructure joint venture between Credit Suisse and GE Infrastructure, announced today that they have signed a definitive agreement to acquire 100% of the share capital of the company that owns and operates the business known as London City Airport (the “Airport") from Airport Management and Investment Limited. Pursuant to the terms of the deal, AIG-FP and GIP will each own 50% of the equity interest of the company that owns the Airport. The Airport is located in the Royal Docks, in the London Borough of Newham in East London. The Airport is unique in that it predominantly serves business travelers to and from London, given its convenient location. The Airport is less than three miles from Canary Wharf, six miles from the City of London, and 10 miles from the West End. It offers easy access to 27 destinations within the United Kingdom and across Europe. The Airport also ranks as the third largest corporate aviation facility in the United Kingdom. The transaction remains subject to EU merger clearance and currently is expected to close in November 2006. “I am extremely pleased that AIG Financial Products and Global Infrastructure Partners have been successful in their bid for London City Airport,” said Joseph Cassano, President of AIG-FP. -
Economic Perspectives
The Journal of The Journal of Economic Perspectives Economic Perspectives The Journal of Spring 2015, Volume 29, Number 2 Economic Perspectives Symposia The Bailouts of 2007–2009 Austan D. Goolsbee and Alan B. Krueger, “A Retrospective Look at Rescuing and Restructuring General Motors and Chrysler” W. Scott Frame, Andreas Fuster, Joseph Tracy, and James Vickery, “The Rescue of Fannie Mae and Freddie Mac” Charles W. Calomiris and Urooj Khan, “An Assessment of TARP Assistance to Financial Institutions” Robert McDonald and Anna Paulson, “AIG in Hindsight” Phillip Swagel, “Legal, Political, and Institutional Constraints on A journal of the the Financial Crisis Policy Response” American Economic Association Disability Insurance Jeffrey B. Liebman, “Understanding the Increase in Disability Insurance Benet 29, Number 2 Spring 2015 Volume Receipt in the United States” Pierre Koning and Maarten Lindeboom, “The Rise and Fall of Disability Insurance Enrollment in the Netherlands” James Banks, Richard Blundell, and Carl Emmerson, “Disability Benet Receipt and Reform: Reconciling Trends in the United Kingdom” Articles Darrell Dufe and Jeremy C. Stein, “Reforming LIBOR and Other Financial Market Benchmarks” Rainer Böhme, Nicolas Christin, Benjamin Edelman, and Tyler Moore, “Bitcoin: Economics, Technology, and Governance” Konstantin Kashin, Gary King, and Samir Soneji, “Systematic Bias and Nontransparency in US Social Security Administration Forecasts” Recommendations for Further Reading Spring 2015 The Journal of Economic Perspectives A journal of -
American International Group, Inc. (Exact Name of Registrant As Specified in Its Charter)
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ________________ FORM 10-Q QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2015 Commission File Number 1-8787 American International Group, Inc. (Exact name of registrant as specified in its charter) Delaware 13-2592361 (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) 175 Water Street, New York, New York 10038 (Address of principal executive offices) (Zip Code) Registrant’s telephone number, including area code: (212) 770-7000 ________________ Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes No Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. -
Economic Perspectives
The Journal of The Journal of Economic Perspectives Economic Perspectives The Journal of Spring 2015, Volume 29, Number 2 Economic Perspectives Symposia The Bailouts of 2007–2009 Austan D. Goolsbee and Alan B. Krueger, “A Retrospective Look at Rescuing and Restructuring General Motors and Chrysler” W. Scott Frame, Andreas Fuster, Joseph Tracy, and James Vickery, “The Rescue of Fannie Mae and Freddie Mac” Charles W. Calomiris and Urooj Khan, “An Assessment of TARP Assistance to Financial Institutions” Robert McDonald and Anna Paulson, “AIG in Hindsight” Phillip Swagel, “Legal, Political, and Institutional Constraints on A journal of the the Financial Crisis Policy Response” American Economic Association Disability Insurance Jeffrey B. Liebman, “Understanding the Increase in Disability Insurance Benet 29, Number 2 Spring 2015 Volume Receipt in the United States” Pierre Koning and Maarten Lindeboom, “The Rise and Fall of Disability Insurance Enrollment in the Netherlands” James Banks, Richard Blundell, and Carl Emmerson, “Disability Benet Receipt and Reform: Reconciling Trends in the United Kingdom” Articles Darrell Dufe and Jeremy C. Stein, “Reforming LIBOR and Other Financial Market Benchmarks” Rainer Böhme, Nicolas Christin, Benjamin Edelman, and Tyler Moore, “Bitcoin: Economics, Technology, and Governance” Konstantin Kashin, Gary King, and Samir Soneji, “Systematic Bias and Nontransparency in US Social Security Administration Forecasts” Recommendations for Further Reading Spring 2015 The Journal of Economic Perspectives A journal of -
AIG Hank Greenberg Fact Sheet on AIGFP
FACT SHEET ON AIGFP Origins and Purposes of AIGFP • Maurice R. ("Hank") Greenberg led American International Group, Inc. ("AIG") for almost 40 years until his retirement as Chairman and CEO in early 2005. Under Mr. Greenberg's leadership, AIG grew from a modest enterprise into the largest and most successful insurance company in the world. Its market capitalization increased approximately 40,000 percent between 1969, when AIG went public, and 2004, Mr. Greenberg's last full year as Chairman and CEO. AIG opened markets for U.S. businesses all over the world, and contributed significantly to U.S. gross domestic prodlict. As a result ofthe hard work oftens ofthousands of employees, AIG became a national asset. At the time of Mr. Greenberg's retirement in March 2005, AIG operated in over 130 countries and employed approximately 92,000 people. AIG had a market capitalization of $170 billion and its stock traded at $64 a share. AIG's net income per employee was over $100,000. The company also had the lowest expense ratio in the industry. • A fundamental tenet of Hank Greenberg's risk management philosophy at AIG was maintaining a diversified earnings base. Generating earnings from diverse business lines added to earnings stability in the event that any particular business unit of AIG encountered a downturn. • In 1985, the fire and casualty business in the United States recovered sharply from the distressed conditions that prevailed in 1984 and before. AIG, in part due to disciplined underwriting, kept its capital base intact, which led to AIG becoming the leading commercial and industrial insurer in the U.S. -
AIG in Hindsight;
A Service of Leibniz-Informationszentrum econstor Wirtschaft Leibniz Information Centre Make Your Publications Visible. zbw for Economics McDonald, Robert; Paulson, Anna Working Paper AIG in hindsight Working Paper, No. 2014-07 Provided in Cooperation with: Federal Reserve Bank of Chicago Suggested Citation: McDonald, Robert; Paulson, Anna (2014) : AIG in hindsight, Working Paper, No. 2014-07, Federal Reserve Bank of Chicago, Chicago, IL This Version is available at: http://hdl.handle.net/10419/130677 Standard-Nutzungsbedingungen: Terms of use: Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Documents in EconStor may be saved and copied for your Zwecken und zum Privatgebrauch gespeichert und kopiert werden. personal and scholarly purposes. Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle You are not to copy documents for public or commercial Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich purposes, to exhibit the documents publicly, to make them machen, vertreiben oder anderweitig nutzen. publicly available on the internet, or to distribute or otherwise use the documents in public. Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, If the documents have been made available under an Open gelten abweichend von diesen Nutzungsbedingungen die in der dort Content Licence (especially Creative Commons Licences), you genannten Lizenz gewährten Nutzungsrechte. may exercise further usage rights as specified in the indicated licence. www.econstor.eu AIG in Hindsight Robert McDonald and Anna Paulson October 2014 Federal Reserve Bank of Chicago Reserve Federal WP 2014-07 AIG in Hindsight1 October 22, 2014 Robert McDonald Kellogg School of Management, Northwestern University and NBER Anna Paulson Federal Reserve Bank of Chicago Abstract The near-failure on September 16, 2008, of American International Group (AIG) was an iconic moment in the financial crisis. -
Disciplinary and Other FINRA Actions
Disciplinary and Other FINRA Actions Firm Expelled, Individual Sanctioned Reported for Success Trade Securities, Inc. (CRD® #46027, Washington, DC) and Fuad December 2015 Ahmed (CRD #2404244, Washington, DC). The firm was expelled from FINRA® membership. Ahmed was barred from association with any FINRA member in any capacity. The firm and Ahmed were ordered to pay, jointly and FINRA has taken disciplinary actions severally, $13.7 million, plus interest, in restitution to investors. The National against the following firms and Adjudicatory Council (NAC) imposed the sanctions following an appeal of individuals for violations of FINRA an Office of Hearing Officers (OHO) decision. The sanctions were based on rules; federal securities laws, rules findings that the firm and Ahmed willfully engaged in securities fraud and and regulations; and the rules of sold unregistered securities that were not exempt from registration when they the Municipal Securities Rulemaking sold $19.4 million of their parent company’s unregistered promissory notes Board (MSRB). to investors. The firm and Ahmed misrepresented and omitted material facts when they sold the notes, and consequently, willfully violated Section 10(b) of the Securities Exchange Act of 1934, Exchange Act Rule 10b-5, and FINRA Rules 2010 and 2020. The firm’s and Ahmed’s sales of the unregistered notes also violated FINRA Rule 2010. This matter has been appealed to the Securities and Exchange Commission (SEC), but the firm’s expulsion and Ahmed’s bar are in effect pending review. (FINRA Case #2012034211301) Firms Fined, Individuals Sanctioned Brookstone Securities, Inc. (CRD #13366, Lakeland, Florida), Christopher Dean Kline (CRD #2597293, Baraboo, Wisconsin), David William Locy (CRD #4682865, Overland Park, Kansas) and Antony Lee Turbeville (CRD #1721014, Lakeland, Florida). -
White Collar Mvps: Gibson Dunn's Warin & Walden
Portfolio Media. Inc. | 860 Broadway, 6th Floor | New York, NY 10003 | www.law360.com Phone: +1 646 783 7100 | Fax: +1 646 783 7161 | [email protected] White Collar MVPs: Gibson Dunn's Warin & Walden By Evan Weinberger Law360, New York (November 29, 2011) -- When Joseph Cassano, the former head of American International Group Inc.'s financial products division, was facing a flood of investigations from law enforcement officials probing the insurance giant's near-collapse, Gibson Dunn & Crutcher LLP partners Joe Warin and Jim Walden knew the best strategy for their client was an unconventional one: be proactive. That strategy helped Cassano avoid prosecution and earned them a spot on Law360's list of white collar MVPs. "Our approach bucked the popular wisdom of defense lawyers, but was fundamentally based on our belief in our client's innocence," Warin said. The investigation into Cassano's actions came as anger ranged from politicians, the media and the public over the $182 million bailout of AIG due to the financial products division's losses on credit default swaps. The public wanted a scalp, and Cassano's seemed to be ripe for the cutting, Walden said. Among other risks the ex-AIG head faced was legal fallout from statements he made during a 2007 AIG earnings call that he did not expect any economic losses from the company's massive credit default swap portfolio — losses that ultimately brought the insurer low and triggered a huge government bailout, Walden added. But Walden and Warin discovered something when they talked over the situation with Cassano. -
Aig Collapse Provides Impetus to Regulate Credit Default Swaps
DUPONT_MECOMPLETE 12/2/2009 1:21 PM COMMENTS A SECOND CHANCE AT LEGAL CERTAINTY: AIG COLLAPSE PROVIDES IMPETUS TO REGULATE CREDIT DEFAULT SWAPS JAMES C. DUPONT* TABLE OF CONTENTS Introduction ............................................................................................... 843 I. Operation of a Typical CDS ........................................................... 846 II. Regulatory History ......................................................................... 854 A. Development of the CDS ......................................................... 854 B. The State of Regulatory Non-Authority .................................. 856 III. Recent Regulatory and Industry Developments ............................. 858 IV. Regulation Moving Forward ........................................................... 860 A. SEC and CFTC Jurisdiction .................................................... 861 B. Key Regulatory Initiatives ....................................................... 863 1. Movement onto Regulated Exchanges .............................. 865 2. Central Clearing and Counterparties .................................. 866 Conclusion ................................................................................................. 868 INTRODUCTION During an August 2007 conference call, the Director and Executive 1 Officer of American International Group Financial Products (AIGFP), * J.D. Candidate, 2010, American University Washington College of Law; B.A. Art History & International Relations, 2007, Bucknell University. -
The AIG Rescue, Its Impact on Markets, and the Government's Exit Strategy
CONGRESSIONAL OVERSIGHT PANEL JUNE OVERSIGHT REPORT * THE AIG RESCUE, ITS IMPACT ON MAR- KETS, AND THE GOVERNMENT’S EXIT STRATEGY JUNE 10, 2010.—Ordered to be printed * Submitted under Section 125(b)(1) of Title 1 of the Emergency Economic Stabilization Act of 2008, Pub. L. No. 110–343 VerDate Mar 15 2010 00:44 Jun 30, 2010 Jkt 056698 PO 00000 Frm 00001 Fmt 6012 Sfmt 6012 E:\HR\OC\A698.XXX A698 rfrederick on DSKD9S0YB1PROD with HEARING E:\Seals\Congress.#13 CONGRESSIONAL OVERSIGHT PANEL JUNE OVERSIGHT REPORT VerDate Mar 15 2010 00:44 Jun 30, 2010 Jkt 056698 PO 00000 Frm 00002 Fmt 6019 Sfmt 6019 E:\HR\OC\A698.XXX A698 rfrederick on DSKD9S0YB1PROD with HEARING with DSKD9S0YB1PROD on rfrederick 1 CONGRESSIONAL OVERSIGHT PANEL JUNE OVERSIGHT REPORT * THE AIG RESCUE, ITS IMPACT ON MAR- KETS, AND THE GOVERNMENT’S EXIT STRATEGY JUNE 10, 2010.—Ordered to be printed * Submitted under Section 125(b)(1) of Title 1 of the Emergency Economic Stabilization Act of 2008, Pub. L. No. 110–343 U.S. GOVERNMENT PRINTING OFFICE 56–698 WASHINGTON : 2010 For sale by the Superintendent of Documents, U.S. Government Printing Office Internet: bookstore.gpo.gov Phone: toll free (866) 512–1800; DC area (202) 512–1800 Fax: (202) 512–2104 Mail: Stop IDCC, Washington, DC 20402–0001 VerDate Mar 15 2010 05:52 Jun 30, 2010 Jkt 056698 PO 00000 Frm 00003 Fmt 5012 Sfmt 5012 E:\HR\OC\A698.XXX A698 rfrederick on DSKD9S0YB1PROD with HEARING E:\Seals\Congress.#13 CONGRESSIONAL OVERSIGHT PANEL PANEL MEMBERS ELIZABETH WARREN, Chair RICHARD H. -
In Re American International Group, Inc. 2008 Securities Litigation 08-CV-4772-Consolidated Class Action Complaint
Case 1:08-cv-04772-LTS Document 95 Filed 05/19/2009 Page 1 of 289 UNITED STATES DISTRICT COURT SOUTHERN DISTRICT OF NEW YORK IN RE AMERICAN INTERNATIONAL GROUP, Master File No. : INC. 2008 SECURITIES LITIGATION 08 - CV- 4772 - LTS ECF Case This Document Relates To: All Actions JURY TRIAL DEMANDED CONSOLIDATED CLASS ACTION COMPLAINT BARRACK, RODOS & BACINE THE MILLER LAW FIRM, P.C. Leonard Ban-aek E. Powell Miller Oro hac vice) Jeffrey W. Golan (pro hoc vice) Marc L. Newman Oro hac vice) M. Richard Komins David H. Fink Robert A. Hoffman Jayson E. Blake Lisa M. Lamb Brian E. Etzel Julie B. Palley Miller Building 3300 Two Commerce Square 950 West University Drive, Suite 300 2001 Market Street Rochester, MI 48307 Philadelphia, PA 19103 Tel: (248) 841-2200 Tel.: (215) 963-0600 Fax: (248) 652-2852 Fax: (215) 963-0838 ;t and _ 141. A. Arnold Gershon (AG - 3809) N PIO il\ Regina M. Calcaten-a (RC- 3858) • l 1350 Broadway Suite 1001 ItrilS'471 New York, New York 10018 Tel.: (212) 688-0782 Fax: (212) 688-0783 Attorneys for Lead Plaintiff Stcrte ofillichigcui Retirement Systems, and Lead Counsel for the Putative Class Case 1:08-cv-04772-LTS Document 95 Filed 05/19/2009 Page 2 of 289 TABLE OF CONTENTS Pape NATURE OF THE ACTION 2 JURISDICTION AND VENUE 14 PARTIES 15 1. Plaintiffs 15 A. Lead Plaintiff 15 B. Other Plaintiffs 15 II. Defendants 17 A. AIG 17 B. The Executive Defendants 17 C. The Underwriter Defendants 19 D. The Director Defendants 22 E. -
View Q3 2010 Form 10-Q
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q (Mark One) ፼ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2010 or អ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 1-8787 American International Group, Inc. (Exact name of registrant as specified in its charter) Delaware 13-2592361 (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) 180 Maiden Lane, New York, New York 10038 (Address of principal executive offices) (Zip Code) Registrant’s telephone number, including area code: (212) 770-7000 Former name, former address and former fiscal year, if changed since last report: 70 Pine Street, New York, NY 10270 Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ፼ No អ Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).