The government's strict limitations on AIG are preventing the company from paying back taxpayer money, Hank Greenberg, a former CEO of AIG, said Wednesday.
One year after the collapse of Lehman, the bailout of AIG, and the near-implosion of the U.S. financial system, not a single Wall Street CEO has been called to account by criminal authorities. Some are starting to ask why.
Tougher financial rules have been stymied by industry lobbying, government turf battles and a stabilizing banking system. Some analysts fear another crisis is inevitable.
Reports that "pay czar" Ken Feinberg will lift a $500,000 salary cap imposed on some AIG executives is "absolutely false," according to a source close to the government.
A leading investigator will answer questions before a Congressional panel on how the government handled the bailout of A.I.G. Wednesday and will cite contradictions in the Treasury’s public statements about the bailout, according to The New York Times.
Goldman Sachs' testimony before the Financial Crisis Inquiry Commission Thursday spurred skepticism and frustration among commission members when the investment bank claimed it does not break out revenue and profits from derivatives exposure, Phil Angelides, chairman of the commission, told CNBC Thursday after the hearing.
"The intensity of the competition is still as fierce as its every been, there's more of an oligopoly [when a market or industry is dominated by a small number of sellers] that's formed, there's more of a critical mass that's in the business," Cummings said.
After one week of testimony in the insider trading trial of Galleon Group co-founder Raj Rajaratnam, one thing is clearer than ever: In the brutally competitive world of hedge funds, information is everything. A jury will ultimately decide whether the information Rajaratnam got—and made millions trading with—was illegal inside information. But there is no disputing that he went to great lengths to get it.
American International Group reported a quarterly loss of 51 cents a share, falling far short of analysts' estimates, which had projected a profit for the company.
American International Group, the world's largest insurer, may have to raise more capital to bolster its balance sheet if its credit ratings are cut again, Goldman Sachs analyst Tom Cholnoky said in a note to clients.
American International Group, which is seeking up to $40 billion in bridge financing from the Federal Reserve, is no longer in talks to receive help from billionaire investor Warren Buffett, CNBC has learned.
Former Allstate CEO Edward Liddy will be the new CEO of AIG, which was rescued by an $85 billion loan from the Fed, in exchange for an 79.9% stake in itself.