AIG posts profit of 455 million dollars
Bailed out insurance giant AIG on Friday announced a profit of 455 million dollars in the third quarter, a massive turnaround from a 24.4 billion dollar loss in the same period last year.
The earnings from group, the largest recipient of US government aid during the financial crisis, were better than expectations.
Excluding special items, the profit was 2.85 dollars per share, compared with a market forecast of 1.98 dollars per share.
It was the second consecutive quarterly profit for American International Group after the prior quarter's earnings of 1.8 billion dollars.
"Our results reflect continued stabilization in performance and market trends," said AIG president and chief executive Robert Benmosche.
"AIG employees are working to preserve the strength of our insurance businesses in a challenging market by working closely with our distribution partners, with third quarter 2009 showing signs of stabilization."
AIG was the largest single recipient of US bailouts with the government pumping more than 170 billion dollars into the firm to keep it afloat and taking a controlling stake in the group in the process.
Once the world's biggest insurer, AIG was on the brink of bankruptcy in September 2008 when the government offered a financial lifeline in exchange for an 80 percent stake in the company.
The company was in trouble after backing trillions of dollars in risky financial products amid a US home mortgage meltdown that triggered a global financial crisis.
The latest quarterly figures showed revenues fell 11.8 percent to 26 billion dollars as AIG sold off some or wound down of its operations.
AIG said it "continues to make progress on its disposition plan," having entered into agreements to sell or completed the sale of operations and assets to generate a total of 5.6 billion dollars.
A government report in September showed AIG still owed nearly 121 billion dollars in taxpayer aid.
The Government Accountability Office, an investigative arm of Congress, said the ultimate success of AIG?s restructuring and repayment efforts remains "uncertain."
http://rawstory.com/news/afp/AIG_posts_pro...l_11062009.html
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“The timing was possibly influenced by a Council on Foreign Relations (CFR) report released today that was exceptionally critical of the Bush Administration for not cracking down on Saudi Arabia’s extensive financial ties to al Qaeda. The CFR investigation, directed by Maurice “Hank” Greenberg, CEO of American International Group (AIG), was chartered by the CFR to be an intelligence analysis of terrorist financing. Greenberg, a staunch Israeli supporter, is well qualified for this task. In 1996 Bill Clinton floated his name to replace John Deutch as the director of central intelligence.
Greenberg and AIG have been connected by FTW in previous investigations to suspected money laundering through the Arkansas Development Financial Authority and to the drug trade. AIG’s San Francisco legal office recently employed the wife of convicted Medellin Cartel co-founder Carlos Lehder.
The CFR criticism of Bush is significant for many reasons. First, it signals that the CFR is anxious to pursue an agenda that will likely result in the demise of the Saudi kingdom and the division of that country, with the U.S. simultaneously occupying both Iraq and the oil producing regions of Saudi Arabia. FTW predicted this scenario last month. The significance of a move that would give the U.S. military control of 36 percent of the world’s oil is not lost on the rest of the world and it suggests the presence of a much deeper reality.”
http://www.oilcrash.com/articles/unseen.htm
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AIG, The Stanford Group and Israel; Cozy as Bedbugs
http://wakeupfromyourslumber.blogspot.com/...el-cozy-as.html
about David Wurmser, Doug Feith, Richard Perle, Bernie Madoff, and
Prof. Jacob Frenkel Former Governor: Bank of Israel, Chairman, Group of Thirty (G-30); Vice Chairman, American International Group (AIG), and the Stanford Group at the the recent Ninth Annual Herzliya Conference held in Israel, February 2-4, 2009
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Who Is Peter G. Peterson?
Curmudgeon: churlish or miserly person
(Peterson's Blackstone had an alliance with Maurice Greenberg's AIG and Kissinger Associates, together they had extensive financial dealings with Larry Silverstein over the mortgaging and insuring of the World Trade Center. Peterson was also a financial advisor to Enron, Chairman of the CFR and the Chairman of the New York Federal Reserve... can't get anymore connected than that!)
http://z9.invisionfree.com/Pilots_For_Trut...?showtopic=4076
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For more on AIG, go here.