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Restructuring and Rebuilding
In the wake of support received from the U.S. government, AIG has modified its operations and structure to strengthen its financial condition and enhance the enterprise value of its nucleus of businesses to meet working capital needs and repay obligations to U.S. taxpayers.
To meet these objectives, AIG has focused on four main priorities:
• Building AIG’s enterprise value by strengthening its international property and casualty and domestic life insurance businesses

• Repaying loans from the U.S. government by divesting and monetizing appropriate assets

• Reducing operating costs by conducting a comprehensive review of AIG’s cost structure

• Reducing excessive risk by winding down AIG’s exposure to certain financial products and derivatives trading activities
Since September 2008, AIG has made substantial progress protecting and enhancing the value of its key businesses, restoring AIG’s financial strength, bolstering corporate governance, instilling a performance management culture, reducing risk, and repaying U.S. taxpayers.
Risk Reduction
AIG has been executing a clear, methodical, and orderly wind-down of AIG Financial Products Corp. (AIGFP), which is the business that wrote the credit default swaps that were a significant source of AIG’s liquidity issues in 2008. AIGFP reduced the notional amount of its derivative portfolio by 46 percent from $940.7 billion at December 31, 2009, to $505.8 billion at September 30, 2010. AIG has also reduced its exposure to its Securities Lending program, as described below.
Securities Lending Solution: Maiden Lane II
Multi-Sector Credit Default Swap Solution: Maiden Lane III

Chronology of September 2008 liquidity crisis
On September 16, 2008, AIG suffered a liquidity crisis following the downgrade of its credit rating. Industry practice permits firms with the highest credit ratings to enter swaps without depositing collateral with their trading counter-parties. When its credit rating was downgraded, the company was required to post additional collateral with its trading counter-parties, and this led to an AIG liquidity crisis. AIG's London unit sold credit protection in the form of credit default swaps (CDSs) on collateralized debt obligations (CDOs) that had by that time declined in value.[25] The United States Federal Reserve Bank announced the creation of a secured credit facility of up to US$85 billion, to prevent the company's collapse by enabling AIG to meet its obligations to deliver additional collateral to its credit default swap trading partners. The credit facility provided a structure to loan as much as US$85 billion, secured by the stock in AIG-owned subsidiaries, in exchange for warrants for a 79.9% equity stake, and the right to suspend dividends to previously issued common and preferred stock.[17][26][27] AIG announced the same day that its board accepted the terms of the Federal Reserve Bank's rescue package and secured credit facility.[28] This was the largest government bailout of a private company in U.S. history, though smaller than the bailout of Fannie Mae and Freddie Mac a week earlier.[29][30]
AIG's share prices had fallen over 95% to just $1.25 by September 16, 2008, from a 52-week high of $70.13.[citation needed] The company reported over $13.2 billion in losses in the first six months of the year.[31][32] The AIG Financial Products division headed by Joseph Cassano, in London, had entered into credit default swaps to insure $441 billion worth of securities originally rated AAA. Of those securities, $57.8 billion were structured debt securities backed by subprime loans.[33] CNN named Cassano as one of the "Ten Most Wanted: Culprits" of the 2008 financial collapse in the United States.[34]
As Lehman Brothers (the largest bankruptcy in U.S. history at that time) suffered a catastrophic decline in share price, investors began comparing the types of securities held by AIG and Lehman, and found that AIG had valued its Alt-A and sub-prime mortgage-backed securities at 1.7 to 2 times the values used by Lehman which weakened investors' confidence in AIG.[31] On September 14, 2008, AIG announced it was considering selling its aircraft leasing division, International Lease Finance Corporation, to raise cash.[31] The Federal Reserve hired Morgan Stanley to determine if there are systemic risks to a financial failure of AIG, and asked private entities to supply short-term bridge loans to the company. In the meantime, New York regulators allowed AIG to borrow $20 billion from its subsidiaries.[35][36]
At the stock market's opening on September 16, 2008, AIG's stock dropped 60 percent.[37] The Federal Reserve continued to meet that day with major Wall Street investment firms, hoping to broker a deal for a non-governmental $75 billion line of credit to the company.[38] Rating agencies Moody's and Standard and Poor downgraded AIG's credit ratings on concerns over likely continuing losses on mortgage-backed securities. The credit rating downgrade forced the company to deliver collateral of over $10 billion to certain creditors and CDS counter-parties.[39] The New York Times later reported that talks on Wall Street had broken down and AIG may file for bankruptcy protection on Wednesday, September 17.[40] Just before the bailout by the US Federal Reserve, AIG former CEO Maurice (Hank) Greenberg sent an impassioned letter to AIG CEO Robert B. Willumstad offering his assistance in any way possible, ccing the Board of Directors. His offer was rebuffed.[41]
[edit] Federal Reserve bailout
On the evening of September 16, 2008, the Federal Reserve Bank's Board of Governors announced that the Federal Reserve Bank of New York had been authorized to create a 24-month credit-liquidity facility from which AIG could draw up to $85 billion. The loan was collateralized by the assets of AIG, including its non-regulated subsidiaries and the stock of "substantially all" of its regulated subsidiaries, and with an interest rate of 850 basis points over the three-month London Interbank Offered Rate (LIBOR) (i.e., LIBOR plus 8.5%). In exchange for the credit facility, the U.S. government received warrants for a 79.9 percent equity stake in AIG, with the right to suspend the payment of dividends to AIG common and preferred shareholders.[17][27] The credit facility was created under the auspices of Section 13(3) of the Federal Reserve Act.[27][42][43] AIG's board of directors announced approval of the loan transaction in a press release the same day. The announcement did not comment on the issuance of a warrant for 79.9% of AIG's equity, but the AIG 8-K filing of September 18, 2008, reporting the transaction to the Securities and Exchange Commission stated that a warrant for 79.9% of AIG shares had been issued to the Board of Governors of the Federal Reserve.[17][28][44] AIG drew down US$ 28 billion of the credit-liquidity facility on September 17, 2008.[45] On September 22, 2008, AIG was removed from the Dow Jones Industrial Average.[46] An additional $37.8 billion credit facility was established in October. As of October 24, AIG had drawn a total of $90.3 billion from the emergency loan, of a total $122.8 billion.[47]
Maurice Greenberg, former CEO of AIG, on September 17, 2008, characterized the bailout as a nationalization of AIG. He also stated that he was bewildered by the situation and was at a loss over how the entire situation got out of control as it did.[48] On September 17, 2008, Federal Reserve Board chair Ben Bernanke asked Treasury Secretary Henry Paulson join him, to call on members of Congress, to describe the need for a congressionally authorized bailout of the nation's banking system. Weeks later, Congress approved the Emergency Economic Stabilization Act of 2008. Bernanke said to Paulson on September 17, "We can’t keep doing this. Both because we at the Fed don’t have the necessary resources and for reasons of democratic legitimacy, it's important that the Congress come in and take control of the situation."[49]
[edit] Additional bailouts of 2008
From mid September till early November, AIG's credit-default spreads were steadily rising, implying the company was heading for default.[50][51] On November 10, 2008, the U.S. Treasury announced it would purchase $40 billion in newly issued AIG senior preferred stock, under the authority of the Emergency Economic Stabilization Act's Troubled Asset Relief Program.[52][53][54] The FRBNY announced that it would modify the September 16 secured credit facility; the Treasury investment would permit a reduction in its size from $85 billion to $60 billion, and that the FRBNY would extend the life of the facility from three to five years, and change the interest rate from 8.5% plus the three-month London interbank offered rate (LIBOR) for the total credit facility, to 3% plus LIBOR for funds drawn down, and 0.75% plus LIBOR for funds not drawn, and that AIG would create two off- balance-sheet Limited Liability Companies (LLC) to hold AIG assets: one to act as an AIG Residential Mortgage-Backed Securities Facility and the second to act as an AIG Collateralized Debt Obligations Facility.[52][54]Federal officials said the $40 billion investment would ultimately permit the government to reduce the total exposure to AIG to $112 billion from $152 billion.[52] On December 15, 2008, the Thomas More Law Center filed suit to challenge the Emergency Economic Stabilization Act of 2008, alleging that it unconstitutionally promotes Islamic law (Sharia) and religion. The lawsuit was filed because AIG provides Takaful Insurance Plans, which, according to the company, avoid investments and transactions that are"un-Islamic".[55][56]
As of January 2012, TARP had about $50 billion invested in AIG according to one report. Break even for the government was figured at $28.73 a share v. then-current share price of about $25.[57]
[edit] Counterparty controversy
AIG was required to post additional collateral with many creditors and counter-parties, touching off controversy when over $100 billion was paid out to major global financial institutions that had previously received TARP money. While this money was legally owed to the banks by AIG (under agreements made via credit default swaps purchased from AIG by the institutions), a number of Congressmen and media members expressed outrage that taxpayer money was going to these banks through AIG.[58] In January, 2010, a document known as "Schedule A – List of Derivative Transactions" was released to the public, against the wishes of the New York Fed. It listed many of the insurance deals that AIG had with various other parties, such as Goldman Sachs, Société Générale, Deutsche Bank, and Merrill Lynch.[59][60]
Had AIG been allowed to fail in a controlled manner through bankruptcy, bondholders and derivative counterparties (major banks) would have suffered significant losses, limiting the amount of taxpayer funds directly used. Fed Chairman Ben Bernanke argued: "If a federal agency had [appropriate authority] on September 16, [2008], they could have been used to put AIG into conservatorship or receivership, unwind it slowly, protect policyholders, and impose haircuts on creditors and counterparties as appropriate. That outcome would have been far preferable to the situation we find ourselves in now."[61] The "situation" to which he is referring is that the claims of bondholders and counterparties were paid at 100 cents on the dollar by taxpayers, without giving taxpayers the rights to the future profits of these institutions. In other words, the benefits went to the banks while the taxpayers suffered the costs.
[edit] Post-bailout expenditures
The week following the September bailout, AIG employees and distributors participated in a California retreat which cost $444,000 and featured spa treatments, banquets, and golf outings.[62][63]
It was reported that the trip was a reward for top-performing life-insurance agents planned before the bailout.[64] Less than 24 hours after the news of the party was first reported by the media, it was reported that the Federal Reserve had agreed to give AIG an additional loan of up to $37.8 billion.[65] AP reported on October 17 that AIG executives spent $86,000 on a previously scheduled English hunting trip. News of the lavish spending came just days after AIG received an additional $37.8 billion loan from the Federal Reserve, on top of a previous $85 billion emergency loan granted the month before. Regarding the hunting trip, the company responded, "We regret that this event was not canceled."[66] An October 30, 2008 article from CNBC reported that AIG had already drawn upon $90 billion of the $123 billion allocated for loans.[67] On November 10, 2008, just a few days before renegotiating another bailout with the US Government for $40 billion, ABC News reported that AIG spent $343,000 on a trip to a lavish resort in Phoenix, Arizona. [68]
[edit] Settlement of credit default swaps
On October 22, 2008, those creditors of Lehman Brothers who bought credit default swaps to hedge them against Lehman bankruptcy settled those accounts. The net payments were $5.2 billion[69] even though initial estimates of the amount of the settlement were between $100 billion and $400 billion.[70]
By December 2008, AIG had paid at least $18.7 billion to various financial institutions, including Goldman Sachs and Société Générale to retire obligations related to credit default swaps (CDS). As much as $53.5 billion related to swap payouts are part of the bailout.[71]
On March 15, 2009, under mounting pressure from Congress and after consultation with the Federal Reserve, AIG disclosed a list of major recipients of collateral postings and payments under credit default swaps, guaranteed investment agreements, and securities lending agreements.[72] Below is data from one of the charts AIG released, representing only a portion of the total payouts, over a period of a few months.

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...1. Cấu hình cơ bản trên switch Bài 1.3.1.3: Yêu cầu: - Cấu hình tên và địa chỉ IP cho hai thiết bị switch - Cấu hình giới hạn truy cập vào thiết bị qua đường console và đường vty - Lưu cấu hình - Cấu hình địa chỉ IP quản lý - Kiểm tra việc truyền thông giữa các thiết bị. 3. Yêu cầu chi tiết - Đặt tên cho mỗi SW Switch(config)# Hostname Asw-1 Asw1(config) - Đặt mật khẩu cho các line Line console 0: để đặt mật khẩu khi truy cập bằng dây console Asw(config)#line console 0 Asw(config-line)#password abcxyz Asw(config-line)#login Line vty 0 15: để đặt mật khẩu khi quản lý từ xa bằng giao thức t elnet/ssh. Asw(config)#line vty 0 15 Asw(config-line)#password abcxyz Asw(config-line)#login - Đặt mật khẩu truy cập chế độ cấu hình toàn cục (privilige) Asw(config)#enable secret abcxyz (level 7) - Mã hóa mật khẩu dạng bản rõ (clear text) Asw(config)#service password-encryption (level 5) - Cấu hình MOTD: warning Asw(config)#banner motd #warning# - Cấu hình địa chỉ IP quản lý: Asw(config)#interface vlan1 Asw(config-if)#ip address 172.16.5.35 255.255.255.0 Asw(config-if)#no shut - Lưu cấu hình Asw#copy run start - Kiểm tra truyền thông giữa các PC PC1> Ping IPPC2 Lưu ý: khi cấu hình thiết bị thật Sw(config)#line console 0 Sw(config-line)#logging synchronous Sau câu lệnh này, các thông báo từ sw sẽ không đè lên dòng lệnh mà ta đang gõ Các trạng thái đèn trên SW SYSTEM: xanh thiết bị đc cấp nguồn và hoạt động bình thường ...

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...‫ﺠﺎﻤﻌﺔ ﺍﻟﺩﻭل ﺍﻟﻌﺭﺒﻴﺔ‬ ‫ﺍﻟﻤﻨﻅﻤﺔ ﺍﻟﻌﺭﺒﻴﺔ ﻟﻠﺘﺭﺒﻴﺔ ﻭﺍﻟﺜﻘﺎﻓﺔ ﻭﺍﻟﻌﻠﻭﻡ‬ ‫ﻤﻌﻬﺩ ﺍﻟﺒﺤﻭﺙ ﻭﺍﻟﺩﺭﺍﺴﺎﺕ ﺍﻟﻌﺭﺒﻴﺔ‬ ‫ﻗﺴﻡ ﺍﻟﺩﺭﺍﺴﺎﺕ ﺍﻹﻋﻼﻤﻴﺔ‬ ‫دور ﺸﺒﻜﺎﺕ ﺍﻟﺘﻭﺍﺼل ﺍﻻﺠﺘﻤﺎﻋﻲ ﻓﻲ ﺘﻨﻤﻴﺔ ﻤﺸﺎﺭﻜﺔ ﺍﻟﺸﺒﺎﺏ‬ ‫ﺍﻟﻔﻠﺴﻁﻴﻨﻲ ﻓﻲ ﺍﻟﻘﻀﺎﻴﺎ ﺍﻟﻤﺠﺘﻤﻌﻴﺔ‬ ‫دراﺳﺔ ﻤﻘﺩﻤﺔ ﻟﻨﻴل ﺩﺭﺠﺔ ﺍﻟﻤﺎﺠــﺴﺘﻴﺭ ﻤﻥ ﻗﺴﻡ ﺍﻟﺒﺤﻭﺙ ﻭﺍﻟﺩﺭﺍﺴــﺎﺕ ﺍﻹﻋﻼﻤﻴﺔ‬ ‫إﻋﺪاد ﺍﻟﻁﺎﻟﺏ‬ ‫أﺣﻤــﺪ ﯾــﻮﻧﺲ ﻣــﺤﻤﺪ ﺣـــﻤﻮدة‬ ‫إﺷﺮاف ﺍﻷﺴﺘﺎﺫ ﺍﻟﺩﻜﺘﻭﺭ‬ ‫ﺣﺴـــﻦ ﻋﻤــﺎﺩ ﻤــﻜــﺎﻭﻱ‬ ‫ﻋﻤﻴﺩ ﻜــﻠـﻴﺔ ﺍﻹﻋـﻼﻡ ﺒﺠﺎﻤﻌﺔ ﺍﻟﻘـﺎﻫــﺭﺓ‬ ‫اﻟﻘـﺎھﺮة‬ ‫ﺩﻴﺴﻤﺒﺭ ٣١٠٢‬ ‫ﻴﻢ‬‫ﻠ‬‫ﻠْﻢٍ ﻋ‬‫ﻱ ﻋ‬‫َ َﻮْ َ ﻛُﻞﱢ ﺫ‬ ‫وﻓ ق‬  {}‫ﺳﻮرة‬ ‫ﺍﻹﻫﺪﺍﺀ . .‬ ‫ﺇﻟﻴﻜ‪‬ـ ﻳﺎ ﻣﻨﺒﻊ ﺍﻷﻣﻞ ﺍﻟﺼﺎﰲ ﺍﳊﻨﻮﻥ ... ﻭﺍﻷﻣﻞ ﺍﳌﺸﺮﻕ ﺍﻟﺬﻱ ﻻ ﻳﻐﻴﺐ ﺿﻮﺀﻩ ﻛﺎﻟﺸﻤﺲ ﻭﺍﻟﻘﻤﺮ.‬ ‫ﺇﻟﻴﻜـِـ ﺃﻫﺪﻱ ﻋﺒﺎﺭﺍﰐ... ﻭﺭﺳﺎﻟﱵ ... ﻭﺃﺯﻛﻰ ﲢﻴﺎﰐ... ﻭﺍﻟﺪﰐ ﺍﻟﻌﺰﻳﺰﺓ .‬ ‫ﺇﻟﻴﻜﹶـ ﻳﺎ ﻣﻦ ﻏﻤﺮﺗﲏ ﺑﻌﻄﻔﻚ ﻭﺣﻨﺎﻧﻚ ﻭﺯﺭﻋﺖ ﺑﻨﻔﺴﻲ ﺣﺐ ﺍﳋﲑ.‬ ‫ﺇﻟﻴﻜﹶــ ﺃﻫﺪﻱ ﺣﱯ ﻭ ﻗﻠﻤﻲ.. ﻭﺭﺳﺎﻟﱵ.. ﻭﺟﻬﺪﻱ ﻭﻋﻤﺮﻱ ... ﻭﺍﻟﺪﻱ ﺍﻟﻌﺰﻳﺰ.‬ ‫ﺇﱃ ﺯﻭﺟﱵ ﺷـﲑﺍﺯ ،،، ﻭﻣﻬﺠﺘــﺎ ﻗﻠـﱯ‬ ‫" ﺭﳝــﺎﺱ ﻭ ﻣــــﺎﺭﻳـــﺎ " .‬ ‫ﺇﱃ ... ﺷـﻤﻮﻉﹴ ﺃﺿـــﺎﺀﺕ ﻟــﻲ ﺩﺭﰊ ، ﺇﺧـــﻮﺍﱐ ﻭﺃﺧـــﻮﺍﰐ.‬ ‫ﺇﱃ ... ﻛﺎﻓﺔ ﺯﻣﻼﺀ ﺍﻟﺪﺭﺍﺳﺔ ﰲ ﳎﺎﻝ ﺍﻹﻋﻼﻡ ﻭﻣﻦ ﺳﺒﻘﺘﻨﺎ ﺇﱃ ﺭﲪﺘﻪ ﺗﻌﺎﱃ‬ ‫ﺇﱃ ﻭﻃﲏ ﻓﻠﺴﻄﲔ ...... ﺃﺭﺿﺎ ﻭﺷﻌﺒﺎﹰ‬ ‫ﺃﻫﺪﻱ ﳍﻢ ﲨﻴﻌﺎً ﻫﺬﺍ ﺍﳉﻬﺪ ﺍﳌﺘﻮﺍﺿﻊ‬ ‫ﺷﻜﺮ ﻭﺗﻘﺪﻳﺮ‬ ‫}ﺭ ﹺ ﺃَﻭ ﹺﻋ ‪‬ﻲ ًﻥ ﺃﺸﹾ ﹸ ‪ ‬ﻌ‪ ‬ﺘﹶ ‪ ‬ﺍﻟ ‪‬ﻲ ﺃﻨـ ‪‬ﻤ‪‬ﺕ ‪‬ﻠﻲ ‪ ‬ﻠﻰ ﻭﺍﻟ ‪‬ﻱ ﻭﺃﻥ‪ ‬ﺃﻋﻤل ﺼـﺎﻟﺤ ﹰ ﺘﺭﻀـﺎﻩ‬ ‫ﺎ‬ ‫ﺩ‬ ‫ﻌ ﻋ ﻭﻋ‬ ‫ﻜﺭ ﻨ ﻤ ﻙ ﺘ‬ ‫ﺏ ﺯ ﻨ ﺃ‬ ‫ﻭﺃْﺩﺨﻠﹾﻨﻲ ﹺﺭﺤﻤ‪   ‬ﻲ ‪‬ﺒﺎﺩ ‪ ‬ﺍﻟـ ‪‬ﺎِﺤﻴﻥ {‬ ‫ﺒ ﺘﻙ ﻓ ﻋ ﻙ ﺼ ﻟ‬ ‫ﺍﻟﻨﻤل ﺃﻴﺔ ٩١ .‬ ‫ﺍﻟﺤﻤﺩ ﷲ ﺍﻟﻜﺭﻴﻡ ﺍﻟﻤﻨﺎﻥ ﺍﻟﺭﺤﻴﻡ ﺍﻟﺭﺤﻤﻥ ﺍﻟﺫﻱ ﺨﻠﻕ ﺍﻹﻨﺴﺎﻥ ﻭﻋﻠﻤﻪ ﺍﻟﺒﻴﺎﻥ ﻭﺍﻨﻁﻕ ﻟﺴﺎﻨﻪ ﺒﺂﻱ ﺍﻟﺫﻜﺭ‬ ‫ﻭﺍﻟﻘﺭﺁﻥ ، ﻭﺍﺼﻠﻲ ﻭﺍﺴﻠﻡ ﻋﻠﻲ ﻤﺒﻌﻭﺙ...

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