Boehner Cries, Claims He Doesn't Go Tanning In 60 Minutes Interview (VIDEO)

AIG Sells Two Japanese Units for $4.8 Billion
As expected , American International Group ( AIG ) said Thursday it will sell AIG Star Life Insurance and AIG Edison Life Insurance in Japan to Prudential Financial ( PRU ) for $4.8 Billion. The deal marks yet another step in the bailed-out insurer's efforts to repay the U.S. Taxpayer. The total purchase price of the two Japanese units amounts to $4.2 Billion in cash and $0.6 Billion in the assumption of Third-party Debt. AIG will retain and continue to grow its general Insurance business...

AIG sells Japan units for $4.8bn
American International Group has agreed to sell two Japanese Life assurance subsidiaries to Prudential Financial , the US Insurance Group, for $4.8bn in a deal that takes it a further step closer to repaying the US government the $182.3bn in Taxpayer money it received during the Financial Crisis. Prudential Financial, which already has three Life Insurance units in Japan, is acquiring AIG Star Life Insurance Company and AIG Edison Insurance Company, making it the largest foreign Insurance...

Prudential Buys A.I.G. Japan Units for $4.8 Billion
American International Group said Thursday that it would sell two Japanese units, the Star and Edison Life Insurance Companies, to Prudential Financial for $4.8 Billion, which includes $4.2 Billion in cash and $0.6 Billion in Debt, confirming what people told DealBook on Wednesday. The sale of the two Companies will knock a few more Billions off of A.I.G.s Debt to the Government following its $182 Billion Bailout. Their strength and potential generated significant interest in the...

TARP bailout to cost less than once anticipated
Source: NY Times WASHINGTON Even as voters rage and Candidates put up ads against Government Bailouts, the reviled mother of them all the $700 Billion lifeline to banks, Insurance and auto companies will expire after Sunday at a fraction of that cost, and could conceivably earn Taxpayers a profit. A final Accounting of the Governments full range of interventions in The Economy, including the Bailouts of the Mortgage finance giants Fannie Mae and Freddie Mac, is years off and will most...

Treasury Sells More Citi Shares
The U.S. Department of the Treasury announced Thursday that it sold all of the trust preferred (TruPS) Citigroup ( C ) shares it held for a Net Profit to the Taxpayer of $2.246 Billion. In addition, Treasury also announced it sold 1.5 Billion shares of Citigroup common stock, according to a plan announced in July , lowering its stake in the bailed out bank from 18% to 12.4%. The closing of the preferred shares sale is expected to occur on Tuesday, Oct. 5, 2010, Treasury said, adding it did...

White House: taxpayers may profit $16.5 B from new AIG payout plan
American International Group Inc laid out a plan on Thursday that sets the insurer on an accelerated path for payback of Bailout money, but it also increases the risk for the U.S. Government. The plan, which comes a little over two years after AIG was rescued with an Aid Package that ballooned to $182.3 Billion, will see the Federal Reserve Bank of New York getting repaid in full and ending its involvement in AIG, leaving the company to deal with just the Treasury Department . The...

AIG reaches agreement for exit plan
American International Group has agreed to repay the remains of the $182bn rescue package provided by the US government during the Financial Crisis by early next year. The agreement, which will see the Treasury swapping preferred shares for AIG common stock, will allow the US insurer to exit the governments rescue scheme earlier than previously expected. EDITORS CHOICE AIG sells Japan units for $4.8bn

Could AIG plan to exit bailout bring taxpayers a profit?
AIG plan involves converting Bailout money into a common-stock ownership stake in the company, which the Treasury would sell over time. But the exit strategy isn't a quick or simple process.

AIG, U.S. Near a Deal on a Repayment Plan
By SERENA NG , JOANN S. LUBLIN And Deborah Solomon The board of American International Group Inc. and the company's Federal overseers were locked in discussions Wednesday night to finalize a plan that would boost the Government's stake in the giant insurer to about 92%, and eventually allow the giant insurer to extricate from U.S. ownership. AIG Chairman Robert "Steve" Miller, at a conference in New York on Wednesday morning, said that U.S. Government could end up earning a profit on its...

AIG Reaches Deal To Repay Gov't Bailout Money
NEW YORK (AP / WCBS 880)- AIG, which became a Lightning Rod for criticism over Government Bailouts, said it reached a deal to repay Billions of dollars it received during the Credit Crisis. LISTEN: WCBS Opening Bell Report - Thursday, September 30, 2010 The plan announced Thursday could return a profit to Taxpayers who footed the bill for AIG’s near collapse in September 2008. “This is a pivotal milestone as we deliver on our long-standing promise to repay...

AIG Agrees on Plan to Repay U.S. Taxpayers for Bailout
Finally, after many months of preparation and planning, American International Group ( AIG ) announced Thursday that it had entered into an agreement with the Treasury Department and the Federal Reserve Bank of New York about how it will repay its obligations to the U.S. Government. "This is a pivotal milestone as we deliver on our long-standing promise to repay Taxpayers, and we thank the American People for their support," said AIG President and CEO Robert H. Benmosche. During the...

AIG announces plan to repay government; return to independent company after bailout
NEW YORK — AIG, which became a Lightning Rod for criticism over Government Bailouts, said it reached a deal to repay Billions of dollars it received during the Credit Crisis. The plan announced Thursday could return a profit to Taxpayers who footed the bill for AIG's near collapse in September 2008. "This is a pivotal milestone as we deliver on our long-standing promise to repay Taxpayers," Robert Benmosche, AIG's CEO said in a statement. "We are very pleased that this agreement vastly...

After 2 turbulent years, officials assess TARP
Thursday, September 30, 2010; 8:11 PM Treasury Secretary Timothy F. Geithner stood before staff members at a recent Town hall Meeting and offered a eulogy for the Government's $700 Billion bank Bailout program, which is set to expire Sunday, two turbulent years after Congress approved it during the heat of the Financial Crisis. This Story

Irish Crisis Shakes Europe
BY NEIL SHAH AND QUENTIN FOTTRELL DUBLIN—Ireland scrambled to contain its Financial Crisis—and convince investors it won't need an emergency Bailout by its European peers—by promising to pump Billions more into its hardest-hit lenders. The move, coming after efforts two years ago to rescue the troubled banks, underscores Ireland's new and unwanted status as the center of Europe's continuing Financial turmoil. The convulsions in Dublin are adding to concerns that Ireland and...

A.I.G. Reaches Deal to Repay Treasury and Fed for Bailout
Source: New York Times The American International Group said Thursday that it had reached an agreement in principle to repay the Federal Reserve Bank of New York for the companys 2008 rescue, and to gradually return the ownership of its stock to the public markets. The company and its rescuers in the Federal Government have been working intently in recent weeks to complete such a plan before the expiration of the Treasurys Troubled Asset Relief Program on Oct. 3, and before the Feds...

Greenberg Is Not a Fan of A.I.G.'s Repayment Plan
Many parties were singing the praises of the American International Group ’s plan to eventually repay its Government-financed Bailout . Maurice R. Greenberg , its blunt former chief executive, isn’t one of them. Mr. Greenberg, who left from A.I.G. in 2005 amid its Accounting Scandal, harshly criticized the plan, in which the Treasury Department will expand its stake in the insurer to 92 percent from 80 percent in hopes of selling the holdings over time. “I don’t see...

TARP at 2: Officials assess bailouts
Friday, October 1, 2010 Treasury Secretary Timothy F. Geithner stood before staff members at a recent Town hall Meeting and offered a eulogy for the Government's $700 Billion bank Bailout program, which is set to expire Sunday, two turbulent years after Congress approved it during the heat of the Financial Crisis. He understood as well as anyone the paradox that the Troubled Assets Relief Program, or TARP, has come to represent: Economists largely agree that the massive federal Bailouts...

IMF Governance: Do We Want You To Care?
One subject you’re probably not even slightly interested in is the governance structure of the International Monetary Fund. But they’re having a big meeting coming up and they invited a bunch of Bloggers to come in for a briefing about it*, and some important discussions about IMF governance will be happening so I might as well explain it. The way things currently work is that the IMF is structured around an idea of “shares”money that member countries have put up....

AIG reaches deal on bailout
Bailed-out insurer AIG announced a deal Thursday that it said would allow it to repay Taxpayers. Under the complicated arrangement, Treasury willtemporarily own 92.1 percent of the insurer, which said it would begin repaying $46 Billion owed to the Federal Reserve Bank of New York. Treasury will own 1.65 Billion in AIG stock, which it will eventually attempt to sell on the open market. Treasury Secretary Timothy Geithner hailed the arrangement, saying it would Speech up AIG's repayment...

Sorry Spectacle of Team Obama "Peace With Honor" With AIG
For those of you old enough to remember the Vietnam War, one of its aspects was an effort at what would now be called spin management. When Richard Nixon, who had promised in his 1968 Presidential Campaign to exit the conflict but instead escalated it (the movie Patton had a bad effect on his decision process), finally conceded to the will of the American People, he had to come up with a way to present this reversal of course as a victory of sorts. Hence the dubious formulation, “peace...

AIG finalizes plan to repay U.S. government
Thursday, September 30, 2010; 9:53 AM The Treasury and American International Group have finalized a deal aimed at restoring the troubled Insurance giant to independence and repaying the massive Taxpayer investment that rescued the company two years ago. "This is a pivotal milestone as we deliver on our long-standing promise to repay Taxpayers, and we thank the American People for their support," chief executive Robert Benmosche said in a statement. "With this plan underway,...

Two Years Since TARP " $7.8 Trillion Remaining Pillage Leftovers
by Nomi Prins Big Bailouts Second Anniversary and Multi-Trillion Dollar Pillage Leftovers Its been two years since the Emergency Economic Stabilization Act of 2008 spawned TARP, a tiny portion (at one time 3%) of the Federal bank Bailout and subsidization plan. Today, after TARP expires on October 3, 2010, the remaining potential subsidization still stands at $7.8 Trillion ,including $3.5 Trillion to support the Financial Sector, $2.8 Trillion behind the GSEs, and $1.5...