– A.I.G. Is Now Worried About Bad P.R. — for Policyholders (New York Times, Oct. 11, 2011):
Insurance providers are constantly coming up with new products to sell to policyholders. But the American International Group has hit upon one of the more unusual new services we’ve heard of in some time: reputation insurance.
Chartis, A.I.G.’s property and casualty insurance arm, said Tuesday that it would begin selling something called ReputationGuard. Created by Chartis’s executive liability team, it would give policyholders access to “a select panel” of experts at the public relations firms Burson-Marsteller and Porter Novelli to protect against negative publicity.
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Tags: AIG, Economy, Global News, insurance
NEW YORK (Reuters) – Shares of American International Group fell more than 50 percent in early trading on reports that the insurer had turned to the Federal Reserve for $40 billion in bridge financing to ward off a liquidity crisis and ratings downgrades.
AIG shares dropped 52 percent to $5.82 on the New York Stock Exchange before recouping a bit to $7.41. The shares have fallen 80 percent this year and closed Friday at $12.14.
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Tags: Banking, Credit Crisis, Credit Crunch, Economy, Fed, Federal Reserve, insurance, Mortgage crisis, Mortgages, Rating, Standard & Poor's, Stock Market, Wall Street
We already know about the lies orchestrated by the White House to justify the invasion of Iraq . But there is a bigger secret that has not yet hit the mainstream media. And it probably never will until it’s too late. Those of you who read my book already know about it because I discuss it at length. For those of you who haven’t had a chance to read America’s Financial Apocalypse , I’m going to expose this secret now. Continue reading »
Tags: Bush administration, Congress, Dollar, Fed, Federal Reserve, GDP, George Bush, Government, insurance, Iraq, Medicare, Retirement, Social Security, Taxes, Taxpayers, Treasury, U.S., Wall Street, White House
THE SUBPRIME mortgage crisis that pushed homeowners into foreclosure and forced the Federal Reserve to bail out investment banker Bear Stearns has also sent state and local governments across the country scrambling to refinance municipal bonds before they are hit with exorbitant interest rates.At the center of the storm are long-term variable-interest bonds known as “auction-rate securities.” Unlike traditional fixed-rate bonds, the interest rates on these securities are reset every 7, 28 or 35 days through an auction process.
Historically, the rate paid has been less than on traditional bonds, making the national $160-billion auction-rate market a reliable source of cheap financing.
But that market has collapsed in the past two months, sending interest rates climbing. As a result, California, Richmond, the Bay Area Toll Authority, the East Bay Municipal Utility District and Sacramento County are among countless government agencies forced to restructure their bond debts. Continue reading »
Tags: Bear Stearns, Bonds, Collapse, companies, Debt, Federal Reserve, Foreclosures, Government, insurance, market, Mortgages, subprime
Larry A. Silverstein, who has won nearly $4.6 billion in insurance payments to cover his losses and help him rebuild at the World Trade Center site, is seeking $12.3 billion in damages from airlines and airport security companies for the 9/11 attack.Mr. Silverstein, the developer of ground zero, sought the damages, whose amount was not previously known, in a claim filed in 2004, that says the airlines and airport security companies failed to prevent terrorists from hijacking the planes used to destroy the buildings.
His case was consolidated last week with similar, earlier lawsuits brought by families of some victims of the attack and by other property owners. But in seeking $12.3 billion, he is by far the biggest claimant in the litigation. Continue reading »
Tags: Government, insurance, Larry A. Silverstein, New Jersey, New York, Terrorists, World Trade Center