Latest News
Obama keeps Republican FDIC chair - Jan. 7, 2009
CNNmoney.com/Fortune | 11 hours 39 minutes ago
WASHINGTON (Reuters) -- Democratic President-elect Barack Obama intends to retain Federal Deposit Insurance Corp. head Sheila Bair, who has pushed for fast mortgage modifications, according to a report Wednesday.... (more)
AIG Sends Out Sales Information For Alico Unit-Sources
Wall Street Journal, The | 14 hours 28 minutes ago
LONDON (Dow Jones)--American International Group Inc. (AIG) has sent out information memorandums to potential buyers of its American Life Insurance Company unit, known as Alico, two people familiar with the matter said Wednesday. The move signals that the crippled financial giant is starting to embark on larger disposals following the sale last month of its specialty insurer unit HSB Group to Germany's Munich Re for around $742 million. ... (more)
VW unit sets price on 1.5 bln euro bond -IFR - Forbes.com
Forbes | 21 hours ago
LONDON, Jan 7 (Reuters) - Volkswagen Financial Services said it would sell a 1.5 billion euro ($2.0 billion) bond at mid-swaps plus 375 basis points, at the tighter end of initial guidance, IFR reported on Wednesday.... (more)
VW Financial Services plans 5-yr euro bond -IFR - Forbes.com
Forbes | 23 hours 51 minutes ago
LONDON, Jan 7 (Reuters) - Volkswagen Financial Services plans to issue a benchmark, five-year euro bond, IFR reported on Wednesday. Guidance has been set at mid-swaps plus 375 to 400 basis points, said IFR Markets, a Thomson Reuters online news and market analysis service.... (more)
Greenberg Questions AIG's Sale of HSB
Wall Street Journal, The | 1 day 9 hours 16 minutes ago
Maurice R. "Hank" Greenberg, the former chief executive of American International Group Inc., said he might have considered bidding for the firm's HSB Group Inc. unit if he had known it would be sold for $742 million."We believed that it would never be sold for under a billion plus," said Mr. Greenberg in an interview.... (more)
Know When To Hold 'Em The FDIC sells failed IndyMac Bank too soon and for too little.
Slate | 1 day 9 hours 49 minutes ago
The Federal Deposit Insurance Corp. on Monday agreed to sell IndyMac, a failed bank it took over last July, to a group of sharp Wall Street operators. They're paying about $15 billion, leaving the FDIC with a loss of about $9 billion on the bank. The gover... (more)
IndyMac Bought by Consortium
Los Angeles Business Journal | 1 day 10 hours 28 minutes ago
As expected, the Federal Deposit Insurance Corp. confirmed Friday that a consortium of private equity and hedge fund firms, including J.C. Flowers & Co. and Paulson & Co., has agreed to buy the assets of IndyMac Federal Bank in a deal valued at $13.9 billion.... (more)
Greenberg Grumbles Over AIG Deal - Forbes.com
Forbes | 1 day 12 hours 19 minutes ago
Maurice "Hank" Greenberg is hammering away at the U.S. government, trying to get it to abandon its plan to dismember his beloved American International Group. After questioning AIG's latest asset disposal on Tuesday, the feisty octogenarian told Forbes.com that the current plan to pare down the insurer and use the funds raised to pay down its government bets was the wrong idea at the wrong time. "It's not going to work," he said. "Selling assets in this market at this time is not a very cleve...... (more)
Saving Yourself From The Bank Of England - Forbes.com
Forbes | 1 day 15 hours ago
The Bank of England is proving to be a headache for the humble British saver, who is now facing interest rates that are fast approaching zero percent. The central bank is expected to slash rates to 1.25% on Thursday, from 2.0%, and more cuts in 2009 could take interest rates below 0.5%, according to IHS Global Insight economist Howard Archer. What's a saver to do?... (more)
AIG Environmental execs depart for Ironshore
Business Insurance | 1 day 15 hours 13 minutes ago
NEW YORK Ironshore Inc., which last month hired longtime Lexington Insurance Co. chief Kevin H. Kelley, has now taken on two top AIG Environmental executives. Joseph Boren, who was AIG Environmental's chairman and chief executive officer, has been named chief executive officer of Ironshore's ...... (more)
Car-sharing catching on as alternative to ownership
Japan Times | 2 days 11 hours 47 minutes ago
Car-sharing is shifting into a higher gear as people try to save on vehicle maintenance costs and reduce their carbon footprint. Some people who have joined car-sharing plans have sold their cars. "I used to only use my car on weekends, and increasingly thought that was a waste," a 35-year-old Tokyo woman said. "After discovering that the condominium complex where I moved has a car-sharing service, I decided to get rid of my car." The complex has a car-sharing base in the parki...... (more)
Bank Of England, Pound Stranded - Forbes.com
Forbes | 2 days 16 hours 27 minutes ago
The British pound is Europe's punching bag of the hour. On Monday, it extended its slide against both the euro and the dollar as a top official at the Bank of England cast doubt on the central bank's ability to deal with the economic crisis.... (more)
S&P Explains How Mitsui, Aioi, Nissay Merger Plans May Affect Ratings
Insurance Journal | 2 days 17 hours 50 minutes ago
Standard & Poor's Ratings Services said today that media reports of a possible merger among Mitsui Sumitomo Insurance Group Holdings Inc., the holding company of Mitsui Sumitomo Insurance Co. Ltd. (MSI) ( AA/Stable/A-1+), Aioi Insurance Co. Ltd. (A+/Stable/--), and Nissay Dowa General Insurance Co. Ltd. (A+/Stable/A-1) may affect the ratings on the companies.... (more)
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Companies in the news
- Bank Of England
- Federal Deposit Insurance Corp
- HSB Group
- Lexington Insurance Co
- Nissay Dowa General Insurance Co
- Orix
- Volkswagen Financial Services AG