AIG Under Fire?


Late word suggests a group of AIG shareholders are looking at strategic alternatives for the insurance giant. Is there a trade?

CNBC’s Charlie Gasparino joins the panel for this conversation.

Gasparino explains that Maurice Greenberg, who used to run AIG, is included in the group of shareholder activists mentioned above. Greenberg is the company’s largest single shareholder and controls $3 billion in shares and 15% of AIG stock.

Gasparino has learned Greenberg wants to wage a proxy battle for control of AIG. He wants to get rid of the current managers and board of directions says Gasparino. “He thinks they’re doing a lousy job!” Gasparino adds.

However, Greenberg is under investigation by the SEC which could complicate the fight, explains Dylan Ratigan.

Gasparino says the move is almost unprecedented.

Jeff Macke thinks AIG is a buy on the news.

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Trader disclosure: On Nov. 2, 2007, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Macke Owns (DIS), (INTC), (ATVI), (YHOO); Finerman's Firm And Finerman Own (C), (GS), (HD)

Finerman's Firm Owns (KSS), (NMX), (TSO), (WMT), (YHOO), (TWX), (NYX), (PLCE), (BBW);Finerman's Firm Is Short (SPY), (IWM), (MDY); Finerman's Firm Owns Russell 2000 Puts; Finerman's Firm Owns S&P 500 Puts; Finerman's Firm Is Short (MER) And Owns (MER) Puts; Finerman's Firm Owns (MSFT) Options; Finerman's Firm Owns (NMX) And (NMX) Options; Finerman's Firm Owns (SHOO) Calls; Finerman's Firm And Finerman Owns (FLS); Finerman's Firm And Finerman Own (KALU); Seygem Asset Management Owns (AAPL), (CTCM), (INTC), (MSFT), (TIE), (USU), (YHOO), (GLD), (ITU), (ABV), (TEO), (MER), (MBT); Seymour Owns (IMMR) Calls