Popular Searches: 　AIG 　china 　sunamerica+aig 　LIFE 　financial 　health
  • Share

AIG Confirms Loss of Directors at Banque AIG

 

Saturday, Mar 28,2009, 11:46:31 AM   Click:


(BestWire Services Via Acquire Media NewsEdge) American International Group Inc has confirmed that Mauro Gabriele, President and CEO of the Bank and Paris-based AIG, and Jim Shephard, vice-CEO, resigned from the business.

On 20 March Mr Shephard and Gabriele resigned from office in view of concerns about its ability to conduct business in the hostile environment to the Bank AIG AIG FP and employees in general? the company said in a statement. ? At the same time, they are fully committed to ensuring that the Bank AIG continues to operate normally and meet its obligations in these extraordinary circumstances, and therefore they remain in their roles and are committed to make an orderly transition . AIG said it had mentioned in his March 14 letter to U.S. Treasury Secretary Timothy Geithner that the resignations in the AIG Bank could increase the risks in derivatives, says the Bank of AIG, and that the company was in ongoing discussions with regulators in France and the United Kingdom, as well as the Federal Reserve Bank of New York and the U.S. Treasury Department in this regard.

The company has been severely criticized in recent weeks in the wake of the bailout deal with the U.S. government that was organized in September 2008. AIG has been particularly criticized for the payment of the bailout money. The company has undergone an intense reaction from the public and politicians over $ 165 million in retention bonuses it paid to employees of its financial products unit, who has written derivatives contracts which has pushed AIG to the brink of bankruptcy last year (BestWire 25 March 2009).


AIG said that a number of executives who work for its financial products division in Europe have volunteered for the recent return of withholding payment, including Gabriele and Shephard. It did not provide further information.

Most of the AIG insurance companies currently have a Best's financial strength rating of A (Excellent) with a negative outlook.

(By Marc Jones, London editor: marc.jones @ ambest.com) Copyright? 2009 h Best Company, Inc.

  • Share
  • Print

You may also be interested in:

Discuss this news

Click Here to see all comments
Please aware of self to obey the Internet related policy laws and strictly forbid to release porn, violence.
Appraisal:

Name:

Email:

Content:

Featured

As more and more workers tweet on Twitter or post on Facebook, employers have been slow to establish policies that would protect them from potential liability stemming from their employees'

Getting Burned

As more and more workers tweet on Twitter or post on Facebook, employers have

The current debate over health care reform has spawned town hall meetings all across the country and political jockeying all over Washington, D.C. What it hasn't seemed to include as often is the

Coalition Says Public Health Option Would Lead to

The current debate over health care reform has spawned town hall meetings all

Copyright: The Associated Press. All rights reserved. May This material may not be published, broadcast, rewritten or redistributed. Source: Associated Press Wordcount: NEWARK, NJ_New Jersey

Report: More NJ residents lack health insurance

Copyright: The Associated Press. All rights reserved. May This material may not

WASHINGTON_Cast as a profit-hoarding villain by Democratic foes, the insurance industry still has a fighting chance to fend off the part of health care overhaul it most despises _ creation of a

THE INFLUENCE GAME: Insurers fighting back quietly

WASHINGTON_Cast as a profit-hoarding villain by Democratic foes, the insurance

NEW DELHI, INDIA -- (MARKET WIRE) -- 06/03/09 -- Analyst Choice has combined some of the best financial and technical minds worldwide to bring you an array of free quality equity research and

AnalystChoice.com Free Investment Opinion on PGR, NWL,

NEW DELHI, INDIA -- (MARKET WIRE) -- 06/03/09 -- Analyst Choice has combined

DUBLIN, Ireland--(BUSINESS WIRE)-- Research and Markets (http://www.researchandmarkets.com/research/5c40f8/european_markets_f) has announced the addition of Frost Sullivan's new report European

Research and Markets: European markets for claims

DUBLIN, Ireland--(BUSINESS WIRE)-- Research and Markets

The Colorado Department of Regulatory Agencies has revoked Colorado Springs insurance agent Jan M. Siroky's insurance license and fined him $30,500.DORA officials said he defrauded consumers by

Colo. Department of regulators Insurance Agent 'Strips

The Colorado Department of Regulatory Agencies has revoked Colorado Springs

MOST POPULAR