Items Tagged with 'Edward M. Liddy'

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  • AIG Reports $1.8bn Profit for Q209

    American International Group (AIG) [stock AIG][/stock] earned its first quarterly profit since the third quarter of 2007, after a year and a half of posting losses. The insurance giant gathered $1.8bn in net income or $2.30 per diluted common share for Q209. The earnings come after a $5.4bn net loss in the second quarter of 2008, according to a corporate release.
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  • AIG Names Inside Hire to Head Mortgage Insurance Unit

    American International Group [stock AIG][/stock] this week picked Eric Martinez Jr. to take over the CEO position at the firm's United Guaranty Corp., a mortgage guaranty insurance provider. He replaces William Nutt, whose reasons for leaving the company were not disclosed before this story went to press.
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  • Further Commotion at AIG

    American International Group [stock AIG][/stock] Chairman and CEO Edward Liddy said Thursday he will leave his position as head of the firm once the board of directors is able to locate the appropriate replacements. The roles of CEO and chairman are likely to be split going forward, the company says. Liddy stepped into his position as CEO in September, at the request of previous Treasury Secretary Henry Paulson, when the company turned over a majority of its stake in exchange for a federal bailout.
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  • AIG Posts Q1 Loss Amid Restructuring Costs

    American International Group, Inc. [stock AIG][/stock] reports a first-quarter loss of $4.35bn, or $1.98 per share, driven in part by a number of restructuring charges, the company said late last week. Additional hits to AIG's balance sheet comes in the form of unwinding credit default swaps programs and risky investments in debt obligations backed by residential properties. First quarter's loss is far narrower than the record $61.7bn Q408 loss, which marked the largest quarterly loss in the company's history.
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  • House Moves on Bonus Limits for TARP Recipients

    The House Committee on Financial Services announced Thursday it had passed H.R. 1664, the pay-for-performance bill that would prohibit certain compensation payments by firms that have received capital investments by the government through the Troubled Asset Relief Program. The bill would prohibit "unreasonable or excessive" compensation as well as "non-performance based bonuses."
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  • AIG Employees Return Bonuses: Cuomo

    As of Tuesday morning, nine of the top ten bonus recipients at American International Group Inc. [stock AIG][/stock] have agreed to relinquish their bonuses in full, according to assessments by New York Attorney General Andrew Cuomo. Of the top 20, 15 employees have agreed to return their bonuses.
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  • House Passes Bonus-Blocking Bill

    In the wake of public outcry at the $165 million in bonuses paid out by American International Group Inc. [stock AIG][/stock] to top executives at AIG Financial Products -- the division largely blamed for the fall of the giant insurer -- regulators are stepping up to bat with the only weapon they may have to reverse the payments after-the-fact: legislation.
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  • Bonus-Blocking Bill Before House

    In the wake of public outcry at the $165 million in bonuses paid out by American International Group Inc. [stock AIG][/stock] to top executives at AIG Financial Products -- the division largely blamed for the fall of the giant insurer -- regulators are stepping up to bat with the only weapon they may have to reverse the payments after-the-fact: legislation.
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  • AIG CEO Asks Execs to Return Half of Bonuses

    After news that Insurance giant American International Group Inc. [stock AIG][/stock] will be ordered to return to the Treasury Department $165 million -- the amount it just payed out in executive bonuses -- AIG CEO asked Wednesday afternoon for some of the recipients of those bonuses to return half the money. The company is under intense fire for awarding the bonuses while being kept afloat by more than $170 billion in bailout funds.
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