The head of bailed-out insurance giant American International Group on Wednesday said the company was on its way to repaying the government, but a U.S. Treasury official said taxpayers could still face losses. AIG is operating with $132 billion in …
Bailed-out insurance giant American International Group has slashed its exposure to credit derivatives by nearly two-thirds under government ownership, but a full recovery for taxpayers remains uncertain, a senior U.S. Treasury official said on Wednesday. Jim Millstein, the Treasury’s chief …
As American International Group Inc. prepares to shed two big units, it looks set to follow the same path as Citigroup Inc. out from under the U.S. government’s wing. The government is likely to follow an exit strategy similar to …
U.S. lawmakers challenged Treasury Secretary Timothy Geithner’s credibility on Wednesday after he said he was not involved in a decision by bailed-out insurer AIG to withhold details about $62 billion paid to banks. Geithner held his ground at a hearing, …
A U.S. bailout watchdog has launched two new investigations into the New York Federal Reserve Bank’s actions on insurer AIG’s disclosure of payments to banks after its 2008 rescue, excerpts of prepared congressional testimony showed on Monday. Neil Barofsky, the …
Federal Reserve officials Tuesday launched a vigorous defense of their dealings with American International Group, calling for a congressional audit and denying any inappropriate action with respect to payments the bailed-out insurer made to banks. Fed Chairman Ben Bernanke invited …
U.S. Treasury Secretary Timothy Geithner said Thursday the bailout of insurer American International Group was not meant to help out bank counterparties and that he had no role in the decision not to disclose payments made to banks. In his …
The New York Federal Reserve Bank under Timothy Geithner urged insurer AIG in late 2008 to limit disclosures about its payments to banks after getting a $180 billion government bailout, emails released Thursday showed. The email exchanges, between the New …
The U.S. Treasury is expected to propose within days the creation of a “systemic risk regulator,” probably the Federal Reserve, to oversee banking and market problems that could threaten the economy. On both sides of the Atlantic, “tunnel vision” is …
