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AIG in trouble !
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limhpp
Veteran |
17-Sep-2008 11:06
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What happen to those who have terminated their policy yesterday with AIA? Many people may have lost money.... | ||
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iPunter
Supreme |
17-Sep-2008 07:50
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With such an umbrella, who needs a free market?... hehehe... |
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singaporegal
Supreme |
17-Sep-2008 07:38
Yells: "Female TA nut" |
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NYT reports that the Fed will give AIG a $85 billion loan and take a 80% stake, effectively nationalising the insurance giant and taking its exposure on the Fed's balance sheet. | ||
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singaporegal
Supreme |
17-Sep-2008 07:29
Yells: "Female TA nut" |
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AIG won't fail lah... the US cannot afford to let the World's number ONE insurer collaspe. If it did, the impact will be felt globally and the debacle will take many years to resolve. There are many options available: Emergency funding can be made available to them. The ratings agencies can postpone their downgrade to a later date. And AIG has many assets it can sell away. Just give them more time and AIG will be able to sort out its own mess. |
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novena_33
Veteran |
16-Sep-2008 22:02
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bro...they r lucky to have a buyer for ML.... if not i think now is there turn to sweat... i believe they will stay out for a while....
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AK_Francis
Supreme |
16-Sep-2008 21:39
Yells: "Happy go lucky, cheers." |
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ha ha, DIC, they had missed que once, but heng ah. blessing for disguise, earning $ somemore. Another heng, Citi only lost 2% during the troubled week. Now, I doubt DIG will get involve again. One bite twice shy loh. The better party would be Citi and Morgan Stanley liao.. |
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Andrew
Master |
16-Sep-2008 21:34
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On opening bell......AIG fell another 3 dollar to 1.60...... | ||
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jackjames
Elite |
16-Sep-2008 21:26
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Temasek and GIC can help.. | ||
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Andrew
Master |
16-Sep-2008 20:57
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Oh dear......Goldman Sachs, which is supposed to help AIG raise 70B, its shares plunged as it report 70% drop in profit. So who to help the helper...?? |
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teeth53
Supreme |
16-Sep-2008 19:38
Yells: "don't learn through life, learn to grow with life " |
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WORLD WATCHES AIG'S FATE AS CREDIT SPREADS WIDEN, worth some US$12.8 Bil The indiscriminate selling in risky assets has hurt emerging market equities especially hard. Valuations of emerging market stocks are currently 9.2 times expected earnings 12 months from now, compared with a low of 10.2 times reached during the Asian financial crisis about a decade ago. Still, there appeared no near-term end to the shift out of the region. The cost of protection a Time was not on the company's side. A default by the company could have big ramifications in the global financial system because of the firm's diverse credit and debt derivative holdings. "This would have a much bigger impact than a bank going down like Lehman or Bear or even a Wachovia or WaMu in the U.S. AIG has a much bigger presence globally. Their reach to a global customer base is quite sizable," said Lorraine Tan, director of research, Asia with Standard & Poor's in Singapore. Against default and restructuring surged in emerging Asia reflecting the growing expense of capital.
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teeth53
Supreme |
16-Sep-2008 18:21
Yells: "don't learn through life, learn to grow with life " |
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http://sg.news.yahoo.com/afp/20080916/tts-us-finance-banking-aig-ratings-972e412.html The AIG survival prospects dim on credit downgrade, struggling insurance giant had been thrown a lifeline earlier Monday by New York authorities, who said the company could borrow some 20 billion dollars from its subsidiaries. However, the move failed to impress investors as AIG shares plunged some 61 percent on the stock market, losing some 20 billion dollars in market value. In just a year, the group has lost 93 percent of its value and is only worth some 12.8 billion dollars. AIG has primarily been shaken by fears that it could be the next domino to fall in the worst banking crisis to shake Wall Street since the Great Depression. Saddled with toxic mortgage-backed derivatives, AIG was attempting to stave off the same type of liquidity crisis that has felled Bear Stearns and Lehman Brothers, which filed for bankruptcy protection on Monday, sending world markets into free fall. |
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scotty
Senior |
15-Sep-2008 13:21
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Oh no... I have insurance under AIA !!! AIG, facing liquidity crisis, seeks Fed lifelineNEW YORK (Reuters) - Insurer American International Group Inc (AIG.N), working to stave off rating downgrades and shore up the capital of its holding company, has made an unprecedented approach to the Federal Reserve seeking $40 billion in short-term financing, the New York Times said. Chief Executive Robert Willumstad reached out to the Fed late on Sunday, according to reports in the Times, the Wall Street Journal and business news channel CNBC. AIG's scramble to secure a Fed lifeline came late into one of the worst-ever days on Wall Street, with Lehman Bros (LEH.N) on the verge of collapse, and Bank of America (BAC.N) moving to takeover Merrill Lynch & Co (MER.N). The Fed normally oversees monetary policy and supervision of banks, but CNBC said AIG was seeking the funds as a temporary measure and planned to repay the Fed with the proceeds from asset sales. Rating agencies have threatened to downgrade AIG's ratings by Monday morning, said the New York Times. AIG officials did not immediately respond to requests for comment. The company, until recently the world's biggest insurer by market capitalization, has been attempting to hammer out an emergency strategic plan after its shares fell nearly 50 percent last week on fears it faced a liquidity crisis. AIG has been negotiating with various parties including officials from the New York Insurance Department and private equity firms as it seeks ways to free up capital, raise new capital and protect policyholders. Regulators including New York Insurance Superintendent Eric Dinallo have been holed up at AIG's New York offices over the past two days trying to hammer out a plan. "We are working to craft a solution to protect the company and policyholders," said a person from the New York Insurance Department, who asked not to be named. Former AIG CEO Maurice "Hank" Greenberg, who ran the company for nearly four decades, was not involved in any of the discussions, said his spokesman, Glen Rochkind. "He repeatedly offered to assist in any way he could," added Rochkind. CASH CRUNCH AIG, hit by $18 billion in losses over the past three quarters from guarantees it wrote on mortgage derivatives, has had to act quickly after Standard & Poor's said on Friday it may downgrade AIG's ratings. Ratings downgrades could force AIG to post up to $14.5 billion more in collateral, according to a regulatory filing last month. Downgrades could also be detrimental to AIG's insurance business, since some policies carry clauses that nullify a contract in the event of downgrades below a certain level. Over the weekend, the insurer has been working on a three-part plan involving asset sales, shifting regulated capital from the insurance operations to the holding company, and working with private equity investors, said a person familiar with the negotiations. The New York Times said AIG's plans to shift capital had to be put on ice because of the time and complexity involved, and that private equity firms withdrew interest over the company's precarious financial health. Parties in capital-raising talks with AIG included buyout firms Kohlberg Kravis Roberts & Co (KKR.UL) and J.C. Flowers & Co, another person familiar with the talks said. An AIG spokesman earlier confirmed the company was evaluating a wide range of options, including asset sales. Media reports have said that one of the companies on the block was AIG's highly profitable aircraft leasing arm, but the spokesman declined to confirm this was the case. In late June, AIG said the unit, International Lease Finance Corp, would remain part of AIG. AIG was founded in China 89 years ago. In the years since, largely under Greenberg's watch, it grew into one of the world's largest insurers, spanning 130 countries and territories and serving 74 million customers. Greenberg stepped down in 2005, in the midst of an accounting scandal. His successor, Martin Sullivan, was replaced by Willumstad in June after investors grew disgruntled over its three quarters of losses. Greenberg owns or controls about 12 percent of AIG's stock, making him the largest shareholder. |
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