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Strategies & Market Trends : 2026 TeoTwawKi ... 2032 Darkest Interregnum -- Ignore unavailable to you. Want to Upgrade?

To: Moominoid who wrote (39971)	9/16/2008 7:12:48 PM
From: 10K a day	1 Recommendation Respond to of 217906

wow. That's tragic..

To: Moominoid who wrote (39971)	9/16/2008 7:25:52 PM
From: TobagoJack	Read Replies (2) \| Respond to of 217906

perhaps then citi will bite the big one as well just in in-tray, something about it is time for aig to return to its root, as perhaps the likes of the hong kong and shanghai bank might do at some dire junction ;0) emii.com Will AIG Return To Its Chinese Roots? Sep-17-2008 \| Source: Air Finance Journal Despite its name, American International Group (AIG) was actually founded in Shanghai in 1919. It was the first foreign insurer allowed back into China after the 1949 revolution and has strong ties with the Communist Party. Whilst Chinese money could be used to bail out AIG, the country's banks could also help by buying ILFC. There are four main contenders: Bank of China, Industrial Commercial Bank of China (ICBC), China Development Bank and China Investment Corporation, the sovereign wealth fund. Bank of China already has BOC Aviation. The bank won the hotly contested auction for Singapore Aircraft Leasing Enterprise in 2007 and has retained all of the key staff. Industrial Commercial Bank of China is growing a domestic aircraft portfolio and hired Johnny Lau, Citi's co-head of Asia-Pacific aviation, earlier this year. China Development Bank is growing its aircraft leasing subsidiary quickly and is seen as one of the most aggressive lessors in the country. Chinese bankers believe it would be the keenest to acquire ILFC of all the domestic banks . The state sovereign wealth fund has expressed an interest in investing in aviation before and likes the long-term economics of the industry, but is regarded as more of a long shot. At least two of the banks are genuinely interested. One told Airfinance Journal that it had contacted AIG yesterday and another has been discussing financing with banks for several weeks. However, the banks are unsure if they could get state approval to invest so much abroad. "The golden period has gone," says one senior Chinese bank official. "A year ago we would have said 'yes' straight away. Now the policy is not to spend so much on acquistions." No Chinese bank will bid without asking for approval from the Ministry of Finance first and they expect any approach to be blocked. However, AIG has many friends in the ministry and the Communist Party. If AIG asks nicely, a Chinese bank could end up owning the world's oldest aircraft leasing company. Although no one actually expects ILFC's staff to leave Los Angeles.