More Than 2 Years Later, Court Finally Signs Off On $8.5 Billion Settlement… Sort Of

More Than 2 Years Later, Court Finally Signs Off On $8.5 Billion Settlement… Sort Of

In June 2011, Bank of America reached an $8.5 billion settlement deal with 22 groups of investors who had been misled into sinking their money into securities that they didn’t know were backed by worthless home mortgages. Today, more than two-and-a-half years later, it appears that this matter may be nearing an end, but maybe not. [More]

Former AIG CEO Loses Bid To Sue Fed Over Bailout

Maurice "Hank" Greenberg, former CEO of AIG.

More than five years after AIG received nearly $200 billion from taxpayers to prevent the insurance giant’s inevitable collapse, and a year after the company finished repaying that money, its former CEO is still attempting to sue the U.S. government and Federal Reserve over this very bailout, saying it violated shareholders’ Constitutional rights and that the Fed violated Delaware state law. Today, a federal appeals court dealt a serious blow to his case. [More]

AIG CEO: Sorry You Were Offended When I Equated Public Backlash With Lynching… Again

AIG CEO: Sorry You Were Offended When I Equated Public Backlash With Lynching… Again

Apparently they don’t cover this in business school. When you’re the CEO of one of the most despised companies in the world, it’s probably best to not repeatedly make a statement that equates public outrage over unmerited executive bonuses with lynch mobs. [More]

AIG CEO To College Grads: Take Whatever Job You Can Get

AIG CEO To College Grads: Take Whatever Job You Can Get

If the students graduating from Alfred University on May 18 are expecting a world-is-your-oyster type speech from speaker, AIG CEO and Alfred alumnus Robert Benmosche, then they may want to put on headphones during his portion of the ceremony. Or they may want to listen to the tough love speech he’s got planned. [More]

(eric_harvieux)

Bank Of America, Comcast Among Familiar Names In List Of Least Reputable Companies

Once again, the folks at Harris Interactive have released their Reputation Quotient Report, which rates public perception of 60 highly visible companies. Regular readers of Consumerist will not be shocked to see which companies brought up the rear this year. [More]

SIGTARP was not terribly thrilled with the Treasury's handling of executive pay at AIG, GM, or Ally.

Report Rips Treasury Dept. For Giving Out Raises To Execs At Bailed-Out Companies

Today, the Special Inspector General for the Troubled Asset Relief Program released her report on 2012 compensation for executives at institutions that received TARP bail-out money, and well… the title — Treasury Continues Approving Excessive Pay for Top Executives at Bailed-Out Companies — is about as on-the-nose as it gets. [More]

AIG thanks us by not suing us.

AIG Decides Not To Sue The Taxpayers That Bailed It Out

Earlier today, the board of onetime Worst Company in America winner AIG met to discuss whether or not to pile on to a $25 billion lawsuit filed by its former CEO against the same federal government that spent $182 billion to bail the company out in 2008. Under pressure from the public and legislators, the company decided against it. [More]

AIG's new, post-bailout slogan.

Lawmakers To AIG: Don’t Even Think About Joining $25 Billion Lawsuit Against Govt.

UPDATE: The AIG board has decided against joining the lawsuit, though it appears that former CEO Hank Greenberg will attempt to continue on without the company’s support.

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While we all ponder what to eat for lunch today, the board of bailed-out insurance biggie AIG are meeting today to discuss whether or not to take part in a $25 billion lawsuit filed by its former CEO against the federal government. [More]

AIG's newest ad campaign

Fresh Off Paying Back Bailout Money, AIG Thinks About Suing U.S. Government

At the same time as AIG thanks America, quite literally, in new ads boasting about the company’s repayment of its $182 billion bailout by the taxpayers, its board is reportedly getting ready to decide whether or not to jump on a $25 billion lawsuit filed by AIG’s former CEO against the U.S. government. [More]

The 26 Top CEOs Who Made More Than Their Companies Paid In Federal Taxes

The 26 Top CEOs Who Made More Than Their Companies Paid In Federal Taxes

Once again, it’s time for the annual Institute for Policy Studies report on which top CEOs are earning more money than the companies they work for are paying out to federal government in taxes. [More]

Treasury Freezes Compensation For Top AIG, Ally, GM Executives

Treasury Freezes Compensation For Top AIG, Ally, GM Executives

While a majority of the American corporations that received “exceptional” bailout assistance form the Troubled Asset Relief Program, there are still three businesses — AIG, Ally Financial (you may know it by its pre-bust name of GMAC), and General Motors — remaining. Today, Treasury Dept. announced that the Acting Special Master for TARP Executive Compensation has determined that the top executives at this trio of companies will not get a pay raise in 2012. [More]

Apple & Google Are Corporate Kings Of Consumer Opinion, Big Banks Fail To Impress

When it comes to trusting corporations, it seems we’re a lot more likely to have high opinions of the ones that provide us with shiny toys and zippy technology, rather than big bad banks and other financial institutions. That is, according to an annual public opinion poll on corporate brands. [More]

Former AIG CEO Sues U.S. Government For $25 Billion Over Takeover

Former AIG CEO Sues U.S. Government For $25 Billion Over Takeover

The one company that will forever be linked to the financial meltdown in the final years of the last decade is AIG (or American International Group, if you’re not into the whole brevity thing), which was bailed out and then effectively taken over by the U.S. government. Now a company led by AIG’s former CEO has filed suit against the feds, alleging that said takeover was unconstitutional. [More]

AIG Begins Offering "Reputation Insurance" For Companies With AIG-Like PR Disasters

AIG Begins Offering "Reputation Insurance" For Companies With AIG-Like PR Disasters

Someone at AIG must have a sense of humor. The bailed-out insurance behemoth — and, more importantly, one-time Worst Company In America champ — has announced it will now offer insurance policies that help defray the costs for damage control after a company does something that puts in the ranks of widely reviled businesses like AIG. [More]

AIG Suing Bank Of America Over Bad Mortgages

AIG Suing Bank Of America Over Bad Mortgages

In a legal battle that could be dubbed an all-star edition of our Worst Company In America tournament, AIG intends to sue Bank of America to get back $10 billion it lost investing in toxic mortgages made by BofA and two of its most infamous acquisitions, Countrywide and Merrill Lynch. [More]

New Trailer For "Inside Job" Financial Crisis Documentary

New Trailer For "Inside Job" Financial Crisis Documentary

Get ready to slake your thirst for populist rage. Inside Job is a new documentary coming out in October that aims to expose the truth about the true architects of the financial implosion of 2008. You can probably guess from the title whom they’re fingering. Matt Damon is the narrator and it’s released by Sony Pictures Classics. Here’s the trailer: [More]

US Bailout Money Wound Up In Foreign Banks

US Bailout Money Wound Up In Foreign Banks

Because of there being no data on where the money was going and a general attitude of pumping as much money into the banks as quickly as possible, billions of US bailout money wound up in the coffers of foreign financial firms, a watchdog panel chaired by Elizabeth Warren – Warren for CFPA head! – found. 43 of the 87 banks that benefited as a result of the of the AIG bailout were foreign. [More]

Men Behind AIG Collapse Prove Why They're The Biggest A-Holes On The Planet

Men Behind AIG Collapse Prove Why They're The Biggest A-Holes On The Planet

Back in 2007, we were all living in our 8-bedroom homes paid for with adjustable rate mortgages. And AIG’s Financial Products unit was selling credit-default swaps like there was no tomorrow. Then we all woke up in our parents’ basements with no job and AIG was owned by the taxpayers. But Joseph Cassano, the former head of said Financial Products division, thinks he could have done a better job of bailing out the banking industry he helped lead to ruin. [More]