The US government may next week announce a plan to exit its stake in the insurance giant American International Group Inc, says a media report.
Thanks to its indemnity cover, Citibank may not have to provide for the alleged multi-crore fraud by Shivraj Puri, the relationship manager at its Gurgaon branch.
Attributing to people familiar with the matter, The Wall Street Journal said, 'federal prosecutors, after a two-year investigation, may soon decide not to charge executives for their role surrounding financial contracts that nearly brought down the company.'
In a setback to Prudential Plc's efforts to bolster its Asia presence, American International Group today rejected the British insurer's reduced $30.38 billion takeover bid for AIG's Asian life insurance unit.
AIG Rail Services Inc, a Chicago business that is part of AIG's financial-services division, was set up around five years ago and provides rail-car leases and equipment financing to shipping companies, railroads and others.
Insurer American International Group will recover $45 million from its employees given as retention payments last year and return the amount to the government, a media report says.
American International Group Inc has repaid another $6.9 billion to the US government, using proceeds from the sale of the insurance firm's stake in MetLife.
Attributing to people familiar with the matter, The Wall Street Journal said AIG is preparing to pay Kelly several million dollars in severance after she resigned over federal pay curbs.
The insurance giant American International Group has replaced Goldman as its main corporate adviser with Citigroup and Bank of America, says a media report.
The insurer had received nearly $80 billion last year from the US government to tide over the financial turmoil.
The Sensex closed at 20,032, up 91 points, the Nifty closed up 30 points at 6018.
The Asian life assurance business of AIG, is expected to set a price range for its initial public offering early next week and hopes to strike agreements with big 'cornerstone' investors who could take one-fifth of the shares sold a few days after that, the report said citing sources.
American International Group is in talks with the US government to speed up an exit plan designed to repay taxpayers in full while enabling the giant insurer to regain independence, says a media report.
IT and BPO services provider MphasiS on Wednesday said it is set to acquire AIG Systems Solutions (AIGSS), part of the troubled insurance giant American International Group Inc, for an undisclosed amount.
After extending billions of dollars to protect themselves from the economic turmoil, the US moved to arrest the trend of exorbitant pay among the nation's big entities like Citigroup, Bank of America and American International Group.
The company's recently hired chief executive Robert Benmosche threatened to quit last month reportedly amid frustrations over limitations on pay for top AIG executives.
European and world club champions Manchester United have sent a shirt sponsorship proposal to the Indian conglomerate Tata Group. United's four-year, US $100 million contract with American International Group runs until May 2010 but the insurance giant said in January it would not be renewing the deal.
In an interview to the Financial Times, AIG Chief Executive Officer Robert Benmosche said it would take at least two years for AIG to sell businesses and earn enough profits to repay the government and persuade it to sell its 80 per cent stake.
Benmosche would receive an annual salary of $3 million in cash and $4 million in AIG common stock as per the previous agreement on August 17.
At a board meeting last week, Benmosche told fellow AIG directors that he was 'done' but agreed to think it over after other board members reacted with shock.
The Tatas will have to either buy out the 26 per cent stake in its life insurance joint venture or rope in another partner if Prudential UK buys out the Asian life insurance business of American International Group (AIG).
Battered by the financial meltdown, AIG had received billions of dollars from the US government last year to tide over the turmoil. The leading insurer has also shed assets worldwide to streamline its operations.
The AIA Group, which is a leading life insurance player in the Asian region, has a significant presence in India. AIG on Monday said it would accelerate steps to make AIA, an independent entity and also seek an Initial Public Offering on an Asian stock Exchange for the company.
Top executives of struggling insurance giant American International Group have agreed to return $50 million taken as bonus as the company faces sharp criticism from taxpayers and federal officials on these payments.
Troubled insurance giant American International Group's chairman and chief executive has asked its employees to return at least half of the bonuses paid to them recently, after facing sharp criticism from taxpayers and federal officials against the payments.
In an interview to the 'Wall Street Journal', Benmosche said that AIG, in its current form, is too large. "I feel strongly that AIG is too big today -- it is extremely complex to manage and we need to make sure it's more transparent, that it's smaller, and that we can make it on our own."
Ambassador Frank G Wisner, the erstwhile US envoy to India, who for years -- as vice-chairman, external affairs for American International Group -- was the face of this global insurance conglomerate--which is now being bailed out by the US government to the tune of $150 billion -- in India and was largely responsible for pushing for New Delhi's opening up of the insurance sector to foreign investors, has quit AIG and joined the top-notch lobbying firm of Patton Boggs, which w
Aon Corp, the world's largest insurance broker, has agreed a four-year deal to sponsor the shirts of English Premier League champions Manchester United from the start of the 2010-11 season. United's current 14 million pounds ($23.25 million) a year deal with US insurance giant American International Group runs out in June 2010. Details of the agreement were not disclosed but US media reports said it was worth about 20 million pounds a year.
Even as it gasped for breath, American insurance giant AIG was lobbying the United States Congress hard to get the Indo-US civil nuclear energy deal cleared, reports ProPublica.org.
As Americans continued to oppose the bonuses in millions being doled out to executives of the AIG, which has received federal bailout package, American President Barack Obama said that the buck stops with him and rescuing countrymen from the crisis was his ultimate goal.
In this regard, AIG has entered into an agreement with Aabar Investments PJSC to sell its subsidiary, the insurance firm said in a statement on on Monday. According to UK daily The Telegraph, the Swiss subsidiary would be sold for about $254 million.
The American International Group India on Thursday issued a release stating that the US financial crisis does not have any immediate material impact on Tata AIG Life Insurance.
They fell from some of the most powerful positions on earth.
Indian infrastructure group GMR on Wednesday agreed to buy half of US power producer InterGen for about $1.1bn from an investment firm backed by American International Group and Highstar Capital.
The New-York based Goldman Sachs, one of the world's oldest and largest investment banking firms, plans to enter the buoyant mutual fund business in India.
Three top global asset management and investment banks - American International Group, JP Morgan Asset Management and Japan's Mitsubishi UFJ Securities today announced their India strategy, vying for a place in the second fastest growing economy in t
'India's emergence as a global voice and global point of focus comes more from her economy,' says Frank G Wisner.
At least four foreign fund biggies would soon enter the Indian mutual fund industry, a sign that re-affirms overseas interest in the country's stock markets though indices continue to sway.
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