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Pastimes : Investment Chat Board Lawsuits -- Ignore unavailable to you. Want to Upgrade?

To: EL KABONG!!! who wrote (10451)	10/8/2008 8:39:49 AM
From: Kevin Podsiadlik	Read Replies (2) \| Respond to of 12465

As against the obvious knee-jerk reaction, the money for that was probably spent well before the government takeover, so canceling it was probably unlikely to save the taxpayer a dime. Are we really going to blow up AIG's healthy life insurance division in a fit of political pique? Scarily, I can't definitively answer that 'no'.

To: EL KABONG!!! who wrote (10451)	10/8/2008 3:09:00 PM
From: SI Dave	Read Replies (1) \| Respond to of 12465

The initial reporting was not accurate - which came to light more recently. It was a long-planned event by one of the insurance subsidiaries - said subsidiaries being very solvent, state regulated companies, the sale of which being a primary source of the cash that will be used to repay the federal loan. Say what we will about the extravagant expense, but it's entirely appropriate for the profitable operating companies to take care of business, part of which is ensuring that their best performing agents don't get worried and defect. AIG CEO clarifies to Henry Paulson on agent meeting - Update Wed Oct 08 14:02:00 2008 EDT (RTTNews) - Wednesday, American International Group Inc. (AIG), said its chairman and chief executive officer, Edward Liddy, has sent a letter to U.S. Treasury Secretary, Henry Paulson, clarifying the circumstances of a business event held by its subsidiary, which was discussed during an October 7, 2008 hearing by the House committee on Oversight and Government reform. New York-based financial and insurance services provider AIG came in the spotlight last month when it was not able to withstand the financial crisis and had to be provided a credit facility of up to $85 billion by the Federal Reserve in exchange for a 79.9% equity stake in the company. The company said that the event, held by one of AIG's insurance subsidiaries for independent life insurance agents, was planned well three months before the Fed's loan, and was wrongly mischaracterized as an "Executive Retreat". AIG said that the event had more than 100 attendees, of which only 10 were employees of the company's subsidiary, and no AIG executives from headquarters attended the meeting. Edward liddy said in his letter assuring Henry Paulson, "AIG is focused on doing what is necessary to address our capital structure, repay the Fed credit facility and emerge as a healthy global insurer. In the meantime, our insurance businesses continue to operate normally and satisfy the needs of our policy holders." The CEO also noted that the company is reevaluating the costs of all aspects of its operations in light of the new circumstances in which they are operating.

To: EL KABONG!!! who wrote (10451)	10/8/2008 5:05:35 PM
From: Kevin Podsiadlik	Read Replies (1) \| Respond to of 12465

put Hank Greenberg back in charge as soon as tomorrow! And if this is anything to go by, Hank would promptly tell the Feds where they can stick their rescue loan: online.wsj.com Greenberg Says Federal Loan to AIG Is Bad Deal By JUDITH BURNS WASHINGTON -- The $85 billion federal loan to American International Group Inc. is a bad deal for the company's employees and shareholders who might have fared better if the firm had gone bankrupt, said AIG's former chairman and chief executive, Maurice Greenberg.