Battered giant American International Group, finally got some good news for a change, albeit one that’s unlikely to offset the £640 million ($1.26 million) fine the UK’s, Financial Services Authority has leveled against one of its subsidiaries (See related article).
While U.S. sports fans concentrate on the NBA play-offs and the NHL’s Stanley Cup, European football (soccer) fans gathered around their TV sets on Wednesday night to watch the Champions League final between two of the UK’s top Football Clubs, Manchester United and Chelsea.
After a tense match ended in a 1-1 draw, the penalty shoot-out saw Man United come out on top 6 to 5 – the third time it has won the prestigious trophy, and 50 years after the team was decimated in a plane crash in Munich.
The team’s success also provided some welcome news for a change for embattled AIG. Man United’s players have sported the AIG logo on their shirts since the start of the 2007 season. AIG concluded a $100 million deal for the rights in 2006 (See IJ web site – https://www.insurancejournal.com/news/international/2006/04/07/67128.htm).
Now if the world’s largest insurer (by capitalization) can just solve its subprime loan crisis, avoid further million dollar fines and find a way to deal with the looming presence of ex-CEO Hank Greenberg, it might get back on track.
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