Germany’s Allianz SE has released its full year figures for 2008, which show a net income loss of €2.444 billion ($3.21 billion), compared to 2007’s record net income of €7.966 billion ($10.46 billion). Total revenues declined by 5.3 percent 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 …
Goldman Sachs Group and a parade of European banks were the major beneficiaries of $93 billion in payments from American International Group — more than half of the U.S. taxpayer money spent to rescue the massive insurer. The revelation on …
Finance chiefs from the G20 leading economies pledged on Saturday to take all necessary action to revive economic growth, fix the global financial system and fight the threat of protectionism. Without providing many specific numbers, finance ministers and central bankers …
Amid simmering outrage over $165 million in bonuses paid to executives at ailing AIG, Representative Barney Frank said Monday it may be time to fire some people at the insurance giant. “These people may have a right to their bonuses …
American International Group Inc., once the world’s largest insurer, nearly collapsed last September under losses from bad mortgage bets made by a financial products unit. The U.S. government has since stepped in with up to $180 billion in financial support …
Florida-based Main Street America Group reported it achieved a $43.6 million underwriting profit in 2008, the largest in its 85-year history and 38 percent higher than its 2007 underwriting profit of $31.7 million. The super regional property/casualty carrier’s corporate combined …
The Reuters article does basically explain that AIG made payments to Goldman Sachs and “foreign” banks, but it becomes a bit confusing as to why those payments were made. It also muddies the waters with a lot of unrelated comments …
Swiss Re has announced that the “main terms of the convertible perpetual capital instrument to be issued to Berkshire Hathaway have been finalized.” The funding agreement was announced at the same time as Swiss Re’s 2008 earnings results, which revealed …
Lawmakers told the top U.S. accounting rulemaker to deliver new guidance on mark-to-market accounting within three weeks, or face legislation changing the rule that has forced banks to write down billions of dollars in assets. Financial Accounting Standards Board Chairman …
