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pi_64103666
The plot thickens!

"The train wreck of an insurance company" vind ik onderhand een understatement
lekker faxen heel de dag echt genot
  dinsdag 24 februari 2009 @ 10:22:32 #27
89730 Drugshond
De Euro. Mislukt vanaf dag 1.
pi_66400236
quote:
AIG Seeks to Ease Its Bailout Terms



American International Group Inc. is seeking an overhaul of its $150 billion government bailout package that would substantially reduce the insurer's financial burden, while further exposing U.S. taxpayers to its fortunes, people familiar with the matter say.

Under the plan, the government loan of up to $60 billion at the heart of the bailout would be repaid with a combination of debt, equity, cash and operating businesses, such as stakes in AIG's lucrative Asian life-insurance arms. AIG and the government have been discussing the changes since December and plan to announce them by Monday when the insurer is expected to report fourth-quarter results, the people said.

The earnings report is expected to underscore AIG's worsening condition with its total loss for the quarter likely to top $60 billion, these people said.


One of the restructuring plan's central goals is to safeguard AIG's credit ratings, which, if cut, would force it to make billions of dollars in payments to its trading partners, further weakening its already precarious financial position. The new plan is being structured in close consultation with major credit-rating agencies.

AIG's talks with the government are ongoing and while they are at an advanced stage the deal may still fall apart or change significantly.

Government approval would signal a complete turnabout in its approach to the insurer since it first intervened to rescue it: from that of a creditor to one of a potential owner.

At the time of the original bailout in September, the government imposed what many considered onerous interest rates and deadlines for AIG to repay its loans by selling off assets. It quickly became clear, however, that the erosion of the value of AIG's assets and worsening financial crisis would make it difficult to meet the goals without jettisoning assets at fire-sale prices.

"The markets aren't open for asset sales," said one person close to AIG. "There is a trade-off between protecting the value of the assets for the government and just selling them in the short term."

Under the new structure, AIG's interest burden on the government money would be reduced. It currently pays 3% plus the London interbank offered rate, or Libor, a common benchmark interest rate, on a loan of up to $60 billion that it gets from the government, and also pays a 10% annual dividend on a separate $40 billion investment by the government in the company.

The plan would entail a wholesale restructuring of the company. AIG would continue to try to sell some assets to repay its obligations but other assets would be transferred to the government in lieu of cash repayment.

The assets, expected to include some of AIG's Asian holdings, would likely be spun off and may be taken public with the government owning a major stake, according to people familiar with the discussions. AIG's debt to the government would be reduced by an equal amount.

One major sticking point is how to value the assets, especially because prices are in rapid decline. Similarly, the government could end up the outright owner of certain businesses, which presents myriad issues, both operational and regulatory.

Inside the Fed, officials have been worried about AIG's fourth-quarter loss and about the risk that the insurance giant will have its credit rating downgraded. AIG's share price has fallen nearly 59% since the end of January and ended trading Monday at just 53 cents a share.

That AIG would be reporting large investment losses in the fourth quarter is not, in and of itself, a huge surprise given the turmoil in the financial markets late last year and the breadth of the company's portfolio.

In a statement Monday, the company said it is continuing to work with the government "to evaluate potential new alternatives for addressing AIG's financial challenges." The company has a week to report fourth-quarter and full 2008 earnings.

"We will provide a complete update when we report financial results in the near future," AIG said. News of AIG's expected loss was first reported by CNBC.

The government's stake in the parent company already stands at nearly 80% and is unlikely to be substantially changed in the near term, according to a person close to AIG.

The new rescue moves are being weighed in part because a new credit-rating downgrade would force AIG to come up with billions of dollars to pay counterparties. It was just such a downgrade in September that nearly pushed AIG into bankruptcy and triggered the initial rescue.


"If there were a downgrade, it would be difficult," says a person familiar with the matter. "Nothing's locked down. Everything is under discussion."

AIG's results are expected to include large write-downs of its exposures to commercial mortgage debt, which suffered record price declines during the fourth quarter of last year. Delinquencies among real-estate loans, which help finance office buildings, shopping centers and other properties, are also on the rise, a factor that is weighing on their values.

A Merrill Lynch index of triple-A commercial real-estate securities indicates prices declined around 13% in the fourth quarter and currently trade at around 75% of their original values. Similar securities with lower ratings fared much worse -- some declining 50% or more during the quarter.

Even though the Federal Reserve helped protect AIG from further write-downs on certain swap positions late last year by financing the purchase of troubled securities AIG had insured against losses, the company continued to incur collateral calls and further write-downs on other swap trades that couldn't be unwound easily. Most of the troubled collateralized debt obligations were backed mainly by subprime-mortgage collateral. Prices of those mortgage assets also slumped further during the fourth quarter.

The threat of further collateral calls is one major reason why a downgrade in AIG's credit ratings could pose an immediate threat to its liquidity.

Standard & Poor's has an A-minus long-term rating on AIG, and Moody's Investors Service has an equivalent rating of A3. Both credit-rating firms said Oct. 3 they were reviewing the ratings for downgrades. Such reviews typically take around 90 days, but have been known to go longer.

Rating downgrades from current levels could be devastating to AIG's finances and would trigger billions of dollars more in payments to its policyholders, trading partners and customers.

A one-notch rating cut would push AIG's long-term ratings down to BBB-plus at S&P and Baa1 at Moody's. Downgrades may also cause AIG's short-term debt ratings to fall below A-1, which is the minimum rating threshold for borrowings under the Federal Reserve's Commercial Paper Funding Facility.

Since that facility went live in late October, some AIG units have been tapping it to the tune of around $15 billion. Any loss of access to these rolling three-month loans -- which have very low interest rates -- may force AIG to draw down more of its credit line from the Fed and incur significantly more in interest costs.

In a November filing with the Securities and Exchange Commission, AIG warned that a one-notch downgrade of its long-term rating could cause it to have to pay out around $8 billion to its counterparties, including collateral and "termination payments" on contracts it has written.

The filing said the impact of a two-notch downgrade from current levels could be much bigger, giving counterparties the right to terminate transactions that cover nearly $48 billion in debt. AIG has since exited or posted collateral against some of those positions, so its actual cash outflow in such a situation would likely be less than that amount.

AIG's rescue package has already been increased twice since September, from $85 billion to nearly $123 billion in October and then to $150 billion in November.

The expanded rescue reflects, in part, the pressure on AIG from the same market turmoil that's tripping up many other financial institutions that made soured bets on the housing market. AIG's losses for the first three quarters of 2008 were due largely to write-downs in the value of credit protection it had sold on securities backed in part by subprime mortgages.

The latest changes under consideration could require the government to increase its exposure to potential losses, if they lead to the government essentially insulating AIG from some losses on risky assets still in its portfolio, even if it doesn't actually put up any more dollars right away. With Citigroup Inc., for instance, the government has agreed to shoulder most losses on $301 billion of assets.

As of Sept. 30, AIG was exposed to commercial mortgage-backed securities originally valued at at least $20 billion, but that sector has been hit hard during the downturn.

Yet insuring against losses on troubled assets might be another imperfect solution. Such protection has been used in other cases -- Citigroup and Bank of America Corp. -- and the share prices of both companies have kept falling.
Komt er toch nog een gecontroleerde ontmanteling.
Inmiddels 80 % genationaliseerd en nog steeds kommer en kwel.
  maandag 2 maart 2009 @ 13:52:15 #28
23267 Roel_Jewel
Gobbledigook
pi_66615322
http://www.google.com/finance?q=aig

Zie die cijfers van Q3 2008 vergeleken met de jaren ervoor
  maandag 2 maart 2009 @ 13:53:45 #29
23267 Roel_Jewel
Gobbledigook
pi_66615373
http://news.bbc.co.uk/1/hi/business/7918643.stm
quote:
Insurance giant AIG has reported a loss of $61.7bn (£43bn) in the final three months of 2008 - the largest quarterly loss in US corporate history. And the firm will receive an extra $30bn from the US government as part of a revamped rescue package.

AIG has already received $150bn in financial support - the biggest bail-out by far of any US company.
Stock markets slid sharply as AIG's plight underscored fears about the health of the global financial system.
In a joint statement, the Federal Reserve and the Treasury said that AIG continues to face significant challenges. "The additional resources will help stabilise the company, and in doing so help to stabilise the financial system," it said.

The news of AIG's historic loss comes as HSBC, Europe's biggest bank, seeks to raise £12.5bn ($17.7bn) to strengthen its finances following a 62% fall in annual profit.

Revamp
The revamped rescue package also involves a restructuring of AIG's operations.
It calls for the Federal Reserve to take stakes in two of AIG's international units in exchange for reducing AIG's debt. The new measures will also effectively cut the interest payments the insurer must pay to the Federal Reserve.

The AIG financial support is about three times greater than that given to Citigroup, which has received $50bn, and Bank of America, which has received $45bn. US officials fear that a failure of AIG would be disastrous for both the US and the global economy.
pi_66616360
AIG boekt verlies van 49 miljard euro
quote:
een record in de geschiedenis van het Amerikaanse zakenleven
Op maandag 30 november 2009 19:30 schreef Ian_Nick het volgende:
Pietje's hobby is puzzelen en misschien ben jij wel het laatste stukje O+
pi_66618301
quote:
And the firm will receive an extra $30bn from the US government as part of a revamped rescue package.
Hoeveel geld is al in dat bedrijf gestoken?

En hoeveel moet er nog volgen?
pi_66618585
in 6 maanden tijd 98% in waarde gedaald.... das toch vrij hard
  maandag 2 maart 2009 @ 15:20:31 #33
23267 Roel_Jewel
Gobbledigook
pi_66618667
quote:
Op maandag 2 maart 2009 15:10 schreef Basp1 het volgende:

[..]

Hoeveel geld is al in dat bedrijf gestoken?
150.000.000.000 dollar.
pi_66619112
quote:
Op maandag 2 maart 2009 15:20 schreef Roel_Jewel het volgende:

[..]

150.000.000.000 dollar.
Zit daar die 30 miljard van het bericht van vanochtend ook bij?
  maandag 2 maart 2009 @ 15:32:17 #35
23267 Roel_Jewel
Gobbledigook
pi_66619154
quote:
Op maandag 2 maart 2009 15:31 schreef Basp1 het volgende:

[..]

Zit daar die 30 miljard van het bericht van vanochtend ook bij?
Nope.
pi_66622572
Waarom zou het nu eigenlijk zo enorm desastreus zijn als AIG omvalt? Het is een verzekerings maatschappij. So what?
lekker faxen heel de dag echt genot
  maandag 2 maart 2009 @ 17:16:40 #37
23267 Roel_Jewel
Gobbledigook
pi_66623068
quote:
Op maandag 2 maart 2009 17:01 schreef wolfrolf het volgende:
Waarom zou het nu eigenlijk zo enorm desastreus zijn als AIG omvalt? Het is een verzekerings maatschappij. So what?
Omdat ze een verzekeringsmaatschappij van zo'n grote omvang, heeft dat gevolgen voor heel veel bedrijven. En wat te denken van > 116.000 werknemers...
pi_66623695
Logische verklaring, thanks R_J En dat ze 116.000 werknemers hebben wist ik niet
lekker faxen heel de dag echt genot
  maandag 2 maart 2009 @ 18:06:42 #39
23267 Roel_Jewel
Gobbledigook
pi_66624753
quote:
Op maandag 2 maart 2009 17:34 schreef wolfrolf het volgende:
Logische verklaring, thanks R_J En dat ze 116.000 werknemers hebben wist ik niet
In deze tijden leer ik ook veel bij over dat soort feiten .
pi_66629187
quote:
Op maandag 2 maart 2009 17:01 schreef wolfrolf het volgende:
Waarom zou het nu eigenlijk zo enorm desastreus zijn als AIG omvalt? Het is een verzekerings maatschappij. So what?
Volgens andere sites (nakedcapitalism o.a.) is de tegenpartij van AIG in bepaalde contracten een bank die het niet zo fijn zou vinden als ze geen geld meer krijgen. Onder andere Goldman Sachs wordt op deze manier via een omweg van geld voorzien door de Amerikaanse belastingbetaler. Mijns inziens reden temeer om het hele CDS casino te bevriezen en te liquideren.
  maandag 2 maart 2009 @ 20:28:58 #41
13036 Frenkyboy
Medium Pimping Unfortunately
pi_66629659
quote:
Op maandag 2 maart 2009 17:01 schreef wolfrolf het volgende:
Waarom zou het nu eigenlijk zo enorm desastreus zijn als AIG omvalt? Het is een verzekerings maatschappij. So what?
Omdat AIG een hele hoop (nu) dubieuze contracten van grote internationale banken verzekert en mochten ze falliet gaan, deze grote banken nog grotere afschrijvingen mogen doen. Vergelijk het maar dat je huis in de fik staat en dat nu je brandverzekeraar falliet gaat (omdat er nog 50 andere huizen ook in de fik staan)
aka. SickMyDuck // ii typpes tjis wiiiyhh ,myyu diiivk.
  maandag 2 maart 2009 @ 20:32:41 #42
13036 Frenkyboy
Medium Pimping Unfortunately
pi_66629841
wrong button
aka. SickMyDuck // ii typpes tjis wiiiyhh ,myyu diiivk.
pi_66635477
WTF?!? 60 miljard dollar verlies in een kwartaal...
"I can accept failure. I can not accept not trying."
pi_66636919
quote:
Volgens andere sites (nakedcapitalism o.a.) is de tegenpartij van AIG in bepaalde contracten een bank die het niet zo fijn zou vinden als ze geen geld meer krijgen. Onder andere Goldman Sachs wordt op deze manier via een omweg van geld voorzien door de Amerikaanse belastingbetaler. Mijns inziens reden temeer om het hele CDS casino te bevriezen en te liquideren.
Waarom wordt het Goldman Sachs zo naar de zin gemaakt.
  maandag 2 maart 2009 @ 23:38:05 #45
141482 Q.
JurassiQ
pi_66637791
My bloody god! Die bedragen! Dat hou je toch niet voor mogelijk?
For great justice!
  maandag 2 maart 2009 @ 23:52:15 #46
89730 Drugshond
De Euro. Mislukt vanaf dag 1.
pi_66638286
AIG is zowaar het meest geneste bedrijf als het gaat om uitstaande CDS contracten.
Je kunt het van zijn sokkel trekken zoals LEH, maar AIG >> LEH.
Je krijgt dan echt een tsunami over het financiėle landschap.
Pakweg 1,5 jr geleden kwam AIG al een beetje in de picture (BBB-reeks).... en de laatste 6 mnd pas goed.
Maar dat de puinhoop zo groot kon zijn..... nee dat hadden de meeste ook niet verwacht.
pi_66641112
Greenberg Claims He Was Deceived By AIG
quote:
The big insurer's former chief files fraud lawsuit after losing a bundle on company stock.

Just a little over a year ago Maurice "Hank" Greenberg, the man who built American International Group into the world’s biggest insurer, pondered starting a war to take back control of the company that fired him. Now he says AIG executives fooled him into purchasing shares months before they revealed the insurer was essentially bankrupt.

Greenberg sued American International Group (nyse: AIG - news - people ) in federal court on Monday, claiming he purchased shares early last year, part of his deferred compensation plan, based on a healthy financial picture provided by his successor, Martin Sullivan. At the time the stock traded for around $54. Today those shares, and much of Greenberg’s fortune, are almost worthless. AIG stock closed Monday at 42 cents after the U.S government said it would inject yet another $30 billion into the troubled firm. AIG lost a staggering $99.3 billion in 2008 and its fourth-quarter loss was the largest of any American company in history.

"Despite repeated assurances from management and the company that everything was under control, it is now clear that nothing was under control," he told Forbes in September, after the insurer’s takeover by the government knocked him off the list of the 400 richest Americans. In 2007 Greenberg ranked as the 135th wealthiest person in the nation.

Greenberg spent 37 years at the top of AIG, building it into a global behemoth. When he took over in 1968 it was a privately held, midsize company. He made dozens of acquisitions capped by his buying SunAmerica for $18 billion and American General for $23 billion. As a manager he insisted on healthy food in the cafeteria--including his favorite, baked scrod--and badgered Wall Street traders about AIG’s share price. The company’s market value, just $300 million when he took over, rose to $230 billion in 2000.

Then New York Attorney General Eliot Spitzer, fresh from his $1.5 billion victory over Wall Street’s brokerage houses, went after Greenberg with a vengeance. Spitzer’s office focused on deals between AIG with Berkshire Hathaway's General Re that allowed the latter to book higher reserves without lowering earnings. State investigators deposed dozens of AIG executives--Greenberg took the fifth--and the company’s auditors refused to certify its results. In March 2005 the board, advised by attorney Richard Beattie and facing the possibility of criminal charges that could wreck AIG, fired Greenberg and settled with Spitzer.

Greenberg contemplated a proxy fight to win back control. Despite his unceremonial departure he remained the company’s biggest individual shareholder. The lust for revenge may have been his financial undoing. In late 2007 his Bermuda-based insurance company C.V. Starr controlled 10% of AIG stock worth $15.4 billion. By April of 2008 the firm controlled nearly 100 million more shares and 13.6% of AIG.
Ben benieuwd wat voor effecten dit gaat hebben.
pi_66851116
http://www.bloomberg.com/apps/news?pid=20601087&sid=a72q7hFPu5Cs&refer=home
AIG Told U.S. Failure Would Cripple World’s Banks, Money Funds
quote:
March 9 (Bloomberg) -- American International Group Inc. appealed for its fourth U.S. rescue by telling regulators the company’s collapse could cripple money-market funds, force European banks to raise capital, cause competing life insurers to fail and wipe out the taxpayers’ stake in the firm.

AIG needed immediate help from the Federal Reserve and Treasury to prevent a “catastrophic” collapse that would be worse for markets than the demise last year of Lehman Brothers Holdings Inc., according to a 21-page draft AIG presentation dated Feb. 26, labeled as “strictly confidential” and circulated among federal and state regulators.

“What happens to AIG has the potential to trigger a cascading set of further failures which cannot be stopped except by extraordinary means,’’ said the presentation by New York- based AIG. “Insurance is the oxygen of the free enterprise system. Without the promise of protection against life’s adversities, the fundamentals of capitalism are undermined.’’

Regulators revised AIG’s bailout last week to ease loan terms and extend $30 billion in fresh capital after the firm posted a $61.7 billion fourth-quarter loss, the worst in U.S. corporate history. Lawmakers are reluctant to give more support beyond the package already in place, worth about $160 billion, because they say regulators haven’t given enough detail about how the funds are being used or when the bailouts will end.

The Fed is “asking for an open-ended check’’ and is “not going to get” it, Senator Robert Menendez, a New Jersey Democrat, said last week in Congressional hearings.

Global Impact

AIG warned of turmoil around the globe if the government allowed the insurer to fail, adding “it is questionable whether the economy could tolerate another shock to the system that a failure of AIG would produce.” The value of the U.S. dollar might fall, Treasury borrowing costs could rise and the agency would face “doubts about the ability of the U.S. to support its banking system,” according to the presentation, parts of which were reported earlier by the New York Times.

Under the scenarios sketched by AIG, European banks that bought credit-default swaps might need to raise $10 billion in capital and could face rating downgrades. Life insurance customers, their faith shaken in the industry, would redeem some of their $19 trillion in U.S. policies, overwhelming firms already weakened by the credit crisis, AIG said.

The $38 billion in support provided by the firm to money- market funds would be in jeopardy, AIG said, possibly forcing some to “break the buck.’’ The term refers to a money fund that suffers losses so large that it must pay investors less than the traditional $1-a-share value that gives the short-term funds their reputation for safety.

Overseas Seizures

Outside the U.S., where AIG operates in more than 140 countries, a collapse could lead to the “immediate seizure’’ of its businesses by regulators and could impair “the entire insurance industry within certain regions,’’ the presentation said, which added that its conclusions were “speculative’’ and a matter of judgment.

“Who knows if what they’re saying is true?’’ said Phillip Phan, professor of management at the Johns Hopkins Carey Business School in Baltimore. “A lot of it sounds like conjecture, that if AIG collapses the rest of the industry will, too. It’s a way of creating a crisis atmosphere and the sense you have to respond quickly.’’

AIG’s latest rescue package includes equity, new credit and lower interest rates on existing loans designed to keep it in business. Federal Reserve Chairman Ben S. Bernanke and Treasury Secretary Timothy Geithner have said the government must prop up AIG to avoid damaging the financial system.

Fed spokeswoman Michelle Smith said the central bank “came to its conclusions based on our own analysis.” Christina Pretto, an AIG spokeswoman and Isaac Baker of the Treasury didn’t immediately have a comment.

Bailout Beneficiaries

New York Insurance Superintendent Eric Dinallo said at a March 5 hearing he’d received the presentation.

The document doesn’t say which other companies have benefited from AIG’s repeated rescues. Goldman Sachs Group Inc. and Deutsche Bank AG were among at least two dozen financial institutions that were paid $50 billion from the bailout funds received by AIG, the Wall Street Journal reported, citing a confidential document and people familiar with the matter whom it didn’t identify.

Goldman and Deutsche got about $6 billion each between September and December, the Journal said. Merrill Lynch & Co., Societe Generale SA, Morgan Stanley, Royal Bank of Scotland Group Plc and HSBC Holdings Plc were other counterparties that also received payments, the newspaper said, citing the document.

Taxpayer Wipeout

AIG’s presentation said that without more U.S. help, investment losses would mean “AIG will not be able to repay its obligations” and that cash previously provided by the U.S., which controls a 79.9 percent stake in the insurer, could be lost. Chief Executive Officer Edward Liddy, who took over the top job in September, has vowed that AIG will repay all of its debts to taxpayers.

At AIG itself, failure could have led to dismissals from its workforce of 116,000, the document said. At that level, the staff is unchanged from the end of 2007 before AIG’s bailout. The global credit crunch has led to at least 284,000 job cuts at the rest of the world’s financial companies, according to Bloomberg data.

The insurer’s first bailout package, crafted last September, later grew to $150 billion. After failing to sell enough subsidiaries to repay the government, AIG had to turn to U.S. taxpayers again. The company may need more support if financial markets don’t improve, the Treasury and Federal Reserve said last week in a joint statement.
Gaat nog leuk worden..

  Redactie Frontpage maandag 9 maart 2009 @ 09:41:50 #49
145738 superworm
is erbij
pi_66851177
Hoei, tvp!
Steun Stichting Bijen Zonder Zorgen!
op FOK!
op Facebook
op de website
  maandag 9 maart 2009 @ 09:47:22 #50
89730 Drugshond
De Euro. Mislukt vanaf dag 1.
pi_66851313
quote:
The insurer’s first bailout package, crafted last September, later grew to $150 billion. After failing to sell enough subsidiaries to repay the government, AIG had to turn to U.S. taxpayers again. The company may need more support if financial markets don’t improve, the Treasury and Federal Reserve said last week in a joint statement.


En dat zal ook gaan gebeuren (zeker op korte termijn). Wat dat betreft heeft de OP niks aan kracht verloren.
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