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 …
The U.S. Supreme Court let stand an appeals court decision upholding the power of tax authorities to demand legal work papers from corporations. The lower court ruled in favor of an Internal Revenue Service bid for legal papers from corporate …
Property owners across the country fearing they may be forced to buy expensive flood insurance under a push to draw up new floodplain maps will catch a break by being offered the coverage at sharply lower rates for two years, …
The U.S. Justice Department has dropped a probe of American International Group Inc. executives involving the credit default swaps that sent the insurer to the brink of bankruptcy and forced a huge taxpayer bailout, lawyers for the executives said Saturday. …
A federal safety law has led some North Carolina counties to close their public pools and could keep hundreds more from opening this summer. The News & Observer of Raleigh reported that state officials are enforcing the Virginia Graeme Baker …
The 2008 financial failure and system breakdown of American International Group Financial Products did not contribute to broader systemic effects within the insurance industry, according to a new financial services think tank report. The report also suggests that whether insurance …
Nearly one month after the April 23-24 tornadoes, federal disaster assistance provided to tornado survivors reached more than $2.4 million, according to the Mississippi Emergency Management Agency and the Federal Emergency Management Agency. More than 1,600 individuals, families and businesses …
Democrats in the U.S. Senate are considering pushing legislation that would place no limits on the liability oil industry companies would face if they are responsible for oil spills, New Jersey Senator Robert Menendez said Tuesday. “We will be discussing …
Energy giant BP reported a limited success at containing the oil that is gushing unabated into the Gulf of Mexico Sunday but a skeptical U.S. government said it was “not a solution.” Reports of huge oil plumes in the Gulf, …
The Obama administration has urged a court to reject an attempt to block a controversial new law overhauling the U.S. healthcare system, saying it is constitutional and any challenge is premature. The reforms, a top priority of President Barack Obama, …
