President Barack Obama will propose shaking up U.S. financial regulation to protect the economy and improve government handling of failing firms, an administration official told Reuters Wednesday. Intended to prevent problems like the 2008 blow-ups of Bear Stearns and Lehman …
Swiss Re has just released its latest sigma study, which details the toll of disasters that made 2008 “one of the worst years for catastrophe losses” according to the report. More than 240,500 people lost their lives, while the insurance …
Britain’s Financial Services Authority (FSA) will publish Wednesday a blueprint for a shake-up of global banking regulations aimed at preventing a recurrence of the financial crisis weighing down the world economy. The report, commissioned by British Prime Minister Gordon Brown …
The Obama administration turned up the heat on AIG Tuesday over its employee bonuses, saying the embattled insurer will be forced to repay U.S. taxpayers before it gets another bailout of $30 billion. Treasury Secretary Timothy Geithner laid out the …
American International Group CEO and Chairman Edward Liddy is among those scheduled to testify before a House subcomittee today on Capitol Hill. The hearing of the House Financial Services Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises will be …
Public anger over the bailout of U.S. financial firms is understandable, but taxpayers should know that American International Group plans to repay the money, chief executive Edward Liddy said in an opinion piece published in The Washington Post Wednesday. “I …
The percentage of auto loans past due 60 days or more rose 8.9 percent in the fourth quarter of 2008, compared with the prior-year period, according to credit reporting agency TransUnion. And the numbers point to auto delinquencies shooting to …
American International Group Financial Products (AIGFP) employees who received retention bonuses in excess of $100,000 have been asked to return half of the bonuses, AIG CEO Edward Liddy told lawmakers on Capitol Hill today. AIG paid the employees up to …
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 …
Investigations by The New York State Insurance Department Frauds Bureau led to 755 arrests in 2008 — a slight increase over 2007 and and the highest arrest total since 2004, the department said. “Arrests for crimes like auto give-ups and …
