American International Group

AIGSunAmericaAmerican GeneralChartisAmerican General CorporationAmerican International Group, Inc.American General Life Insurance CompanyAIG Global Real EstateAmerican Home Assurance CompanyAmerican International Corporation
American International Group, Inc., also known as AIG, is an American multinational finance and insurance corporation with operations in more than 80 countries and jurisdictions., AIG companies employed 56,400 people.wikipedia
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Financial Crisis Inquiry Commission

Financial Crisis Inquiry Report
During the financial crisis of 2008, the Federal Reserve bailed the company out for $180 billion and assumed control, with the Financial Crisis Inquiry Commission correlating AIG's failure with the mass sales of unhedged insurance.
The Commission was explicit in its concerns about insurance giant American International Group, financial giants Bear Stearns and Lehman Brothers, and mortgage giants Fannie Mae and Freddie Mac, each of which the government brought under consideration for financial rescue.

Maurice R. Greenberg

Maurice GreenbergHank GreenbergMaurice "Hank" Greenberg
In 1960, C.V. Starr hired Maurice R. Greenberg to develop an international accident and health business.
Maurice Raymond "Hank" Greenberg (born May 4, 1925) is an American business executive and former chairman and CEO of American International Group (AIG), which was the world's 18th largest public company and the largest insurance and financial services corporation in history.

Eli Broad

Eli and Edythe BroadEli and Edythe Broad FoundationBroad Foundation
Within the U.S., AIG acquired SunAmerica Inc. a retirement savings company managed by Eli Broad, in 1999.
He is the only individual to have created two Fortune 500 companies in different industries (KB Home and SunAmerica).

Federal Reserve

Federal Reserve SystemUS Federal ReserveU.S. Federal Reserve
During the financial crisis of 2008, the Federal Reserve bailed the company out for $180 billion and assumed control, with the Financial Crisis Inquiry Commission correlating AIG's failure with the mass sales of unhedged insurance.
For example, on September 16, 2008, the Federal Reserve Board authorized an $85 billion loan to stave off the bankruptcy of international insurance giant American International Group (AIG).

Cornelius Vander Starr

C.V. StarrC. V. StarrCornelius V. Starr
AIG was founded December 19, 1919 when American Cornelius Vander Starr (1892-1968) established a general insurance agency, American Asiatic Underwriters (AAU), in Shanghai, China.
Starr's "hand-picked successor" was Maurice Greenberg, who took a lead role in forming AIG as a Starr subsidiary.

Bob Benmosche

Robert BenmoscheRobert H. Benmosche
AIG's board of directors named Bob Benmosche CEO on August 3, 2009, to replace Liddy, who earlier in the year announced his retirement.
Robert Herman Benmosche (, May 29, 1944 – February 27, 2015) was the president and chief executive officer of American International Group (NYSE: AIG).

Ed Liddy

Edward M. LiddyEdward Liddy
Willumstad was forced by the US government to step down and was replaced by Ed Liddy on September 17, 2008.
In September 2008, at the request of the Secretary of the U.S. Department of the Treasury, Liddy agreed to serve as interim chairman and chief executive officer of American International Group, Inc. (AIG).

The Blackstone Group

Blackstone GroupBlackstoneBlackstone Group LP
In February 2000, AIG created a strategic advisory venture team with the Blackstone Group and Kissinger Associates "to provide financial advisory services to corporations seeking high level independent strategic advice".
In the following year, in 1998, Blackstone sold a 7% interest in its management company to AIG, replacing Nikko Securities as its largest investor and valuing Blackstone at $2.1 billion.

Robert B. Willumstad

Bob WillumstadRobert Willumstad
On June 15, 2008, after disclosure of financial losses and subsequent to a falling stock price, Sullivan resigned and was replaced by Robert B. Willumstad, Chairman of the AIG Board of Directors since 2006.
Robert B. "Bob" Willumstad is a former Chairman and CEO of the American International Group (AIG).

New York City

New YorkNew York, New YorkNew York City, New York
AIG's corporate headquarters are in New York City and the company also has offices around the world.

AIG bonus payments controversy

AIG bonus scandalcontroversial employee bonuses
Both Democratic and Republican politicians reacted with similar outrage to the planned bonuses, as did political commentators and journalists in the AIG bonus payments controversy.
The AIG bonus payments controversy began in March 2009, when it was publicly disclosed that the American International Group (AIG) insurance corporation was going to pay approximately $218 million in bonus payments to employees of its financial services division.

Timothy Geithner

Tim GeithnerTimothy F. GeithnerGeithner
The New York United States Federal Reserve Bank (led by Timothy Geithner who would later become Treasury secretary) stepped in, announcing creation of a secured credit facility, initially of up to US$85 billion to prevent the company's collapse, enabling AIG to deliver additional collateral to its credit default swap trading partners.
At the New York Fed, Geithner helped manage crises involving Bear Stearns, Lehman Brothers, and the American International Group; as Treasury Secretary, he oversaw allocation of $350 billion under the Troubled Asset Relief Program, enacted during the previous administration in response to the subprime mortgage crisis.

Credit default swap

credit default swapsCDScredit default swap (CDS)
During the financial crisis of 2008, the Federal Reserve bailed the company out for $180 billion and assumed control, with the Financial Crisis Inquiry Commission correlating AIG's failure with the mass sales of unhedged insurance. AIG had sold credit protection through its London unit in the form of credit default swaps (CDSs) on collateralized debt obligations (CDOs) but by 2008, they had declined in value.
Also in September American International Group (AIG) required a $85 billion federal loan because it had been excessively selling CDS protection without hedging against the possibility that the reference entities might decline in value, which exposed the insurance giant to potential losses over $100 billion.

Martin J. Sullivan

Martin Sullivan
Martin J. Sullivan became CEO of the company in 2005.
He also previously served as President and Chief Executive Officer of American International Group, Inc.

21st Century Insurance

20th Century Insurance21st Century Insurance Company
AIG purchased the remaining 39% that it did not own of online auto insurance specialist 21st Century Insurance in 2007 for $749 million.
The company was purchased in 2005 by AIG and then later sold in 2009 to Farmers Insurance Group of Companies.

AIA Group

AIAAIA Group LimitedAmerican International Assurance
In December 2009, AIG formed international life insurance subsidiaries, American International Assurance Company, Limited (AIA) and American Life Insurance Company (ALICO) which were transferred to the Federal Reserve Bank of New York to reduce its debt by US$25 billion.
In 21 January 1939, Starr relocated his head office from Shanghai to New York City after the Japanese invasion of China and again in 5 April 1949 with the communist takeover of mainland China, and the Asian AIA became a subsidiary of New York-based American International Group (AIG).

Bank of America

Bank of America CorporationBankAmericaBank of America Corp.
In late 2008, the federal government bailed out AIG for $180 billion, and technically assumed control, because some believed its failure would endanger the financial integrity of other major firms that were its trading partners--Goldman Sachs, Morgan Stanley, Bank of America and Merrill Lynch (as well as dozens of European banks), as described below.
According to an article in The New York Times published on March 15, 2009, Bank of America received an additional $5.2 billion in government bailout money, channeled through American International Group.

Collateralized debt obligation

CDOcollateralized debt obligationsCDOs
AIG had sold credit protection through its London unit in the form of credit default swaps (CDSs) on collateralized debt obligations (CDOs) but by 2008, they had declined in value.
Big CDO arrangers like Citigroup, Merrill Lynch and UBS experienced some of the biggest losses, as did financial guaranteers such as AIG, Ambac, MBIA.

MetLife

Metropolitan Life Insurance CompanyMetropolitan LifeMetropolitan Life Insurance
In December 2009, AIG formed international life insurance subsidiaries, American International Assurance Company, Limited (AIA) and American Life Insurance Company (ALICO) which were transferred to the Federal Reserve Bank of New York to reduce its debt by US$25 billion.
Three other nonbank companies have been designated as "systemically important": AIG, General Electric and Prudential.

Brian Duperreault

AIGHamilton Insurance Group
AIG also began a joint venture with Hamilton Insurance Group and Two Sigma Investments to serve the insurance needs of small- to medium-sized enterprises.
Since May 2017 he has been the CEO of AIG.

Peter Hancock (businessman)

Peter Hancock
Peter Hancock succeeded Benmosche as President and CEO of AIG in September 2014.
Peter D. Hancock is the former president and chief executive officer (CEO) of AIG.

Kissinger Associates

Kissinger McLarty AssociatesKissinger Associates, Inc.Kissinger and Associates
In February 2000, AIG created a strategic advisory venture team with the Blackstone Group and Kissinger Associates "to provide financial advisory services to corporations seeking high level independent strategic advice".

Troubled Asset Relief Program

Troubled Assets Relief ProgramTARPTARP funds
Newly installed President Barack Obama, who had voted for TARP as a Senator responded to the planned payments by saying "[I]t's hard to understand how derivative traders at AIG warranted any bonuses, much less $165 million in extra pay. How do they justify this outrage to the taxpayers who are keeping the company afloat?"

OneMain Financial

Springleaf FinancialSpringleafAmerican General
Fortress Investment Group purchased 80% of the interest in financing company American General Finance in August 2010.
After several acquisitions, the company became a part of AIG in 2001.

Merrill Lynch

Merrill Lynch & CompanyMerrill Lynch, Pierce, Fenner & SmithMerrill Lynch & Co.
In late 2008, the federal government bailed out AIG for $180 billion, and technically assumed control, because some believed its failure would endanger the financial integrity of other major firms that were its trading partners--Goldman Sachs, Morgan Stanley, Bank of America and Merrill Lynch (as well as dozens of European banks), as described below.
In March 2009, it was reported that in 2008, Merrill Lynch received billions of dollars from its insurance arrangements with AIG, including $6.8 billion from funds provided by the United States government to bail out AIG.