India | UK | US

Bailed out insurer AIG halts lobbying after government takeover

Washington - Insurance giant American International Group Inc, bailed out of a cash-flow crisis last month by a loan that temporarily made the US government its majority shareholder, said Monday that it would stop lobbying in Washington. A spokesman ...
Posted : Tue, 21 Oct 2008 05:12:25 GMT
By : DPA
Category : US (Business)
News Alerts by Email ( click here )
US Business News | Home
Washington - Insurance giant American International Group Inc, bailed out of a cash-flow crisis last month by a loan that temporarily made the US government its majority shareholder, said Monday that it would stop lobbying in Washington. A spokesman said that the company's Washington office would continue to monitor federal lawmaking to assess impacts on AIG, but that routine work to influence congressional legislation would stop.

In addition, the company has cancelled more than 150 posh corporate events, saving an estimated 80 million dollars. AIG management came under fierce criticism from lawmakers after the revelation that executives spend 440,000 dollars on a retreat at a luxury spa, just days after the federal loan that kept the company afloat.

AIG is continuing to try to sell off assets to repay an 85- billion-dollar loan from the federal government.

Copyright DPA

Share/Save/Bookmark

Article : Bailed out insurer AIG halts lobbying after government takeover
Print this article
Email this article

Stay Updated
News gadget on your Google homepage
Subscribe to a news feed in Google Reader


Related News

Five more US bank failures bring total for 2009 to 120
New York - Bank failures in the United States have risen to 120 this year as five more regional institutions were added to the list, the US agency that guarantees the safety of bank deposits said. United Commercial Bank in San Francisco with assets o...

US stocks climb slightly despite double-digit jobless rate
New York - US stocks posted mild gains Friday to end the week as investors shrugged off government figures that put the unemployment rate above 10 per cent. The Labour Department said the jobless rate hit 10.2 per cent in the month of October, the hi...

US joblessness hits 10.2 per cent, highest in 26 years - Summary
Washington - The US unemployment rate surged to 10.2 per cent in October, the highest in 26 years as another 190,000 people lost their jobs, the Labour Department reported Friday. The figure comes after a 9.8-per-cent jobless rate in September and wa...

US joblessness jumps to 10.2 per cent, highest since 1983 - Update
Washington - The US unemployment rate surged to 10.2 per cent in October, the highest in 26 years, as another 190,000 people lost their jobs during the month, the US reported Friday. The figure reported by US Labour Department came after the 9.8 per ...

US jobless rate jumps to 10.2 per cent
Washington - The US unemployment rate surged to 10.2 per cent in October as another 190,000 people lost their jobs, according to US Labour Department figures released Friday. The jobless rate stood at 9.8 per cent in September. Unemployment had been ...

Bulls stop James, edge Cavs - Summary
Los Angeles - The King couldn't deliver in the clutch. Luol Deng and Joakim Noah combined to deny LeBron James a potential game-winning drive in the final seconds as and the visiting Chicago Bulls snapped the Cleveland Cavaliers' three-game winning...

Mortgage lender Fannie Mae posts nearly 19-billion-dollar loss
Washington - US mortgage lender Fannie Mae said Thursday that it would seek 15 billion dollars in federal aid, after posting its ninth consecutive quarterly loss. Fannie Mae reported a net loss of 18.9 billion dollars in the third quarter of 2009, co...

Have your Say
Name
Email
Subject
Your Comment

Enter Verification code
 
  

 

 

More US (Business) News click here
Follow The Earth Times
Subscribe to RSS Follow Earth Times on TwitterNews by email
Share/Save/Bookmark

 
 



 
Subscribe to free Earthtimes
News Alerts by Email Click here
For RSS Feeds Click here
or Create your own RSS

Add to Google Toolbar
Breaking News
Press Releases

 


The Earth Times
News Category

© 2009 www.earthtimes.org, The Earth Times, All Rights Reserved | Privacy Policy
Earth Times accept no responsibility or liability either directly or indirectly for views or opinions expressed in articles or comments.