Thursday 13:47 pm Contrary to rivals' claims that AIG's (AIG) Chartis priced business at unsustainably low levels, CFO Robert Schimek says they "walked away" from business rather than cut rates to a loss. Claims that the property-casualty unit was doing "irresponsible" and "stupid" things are "based off their frustration we didn’t go away," Schimek says.
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Thursday 11:11 am AIG (AIG) may borrow additional money from its five-year Fed credit line in order to make $5.8B in payments on a commercial paper program expiring in January. The insurer owes more than half of the $10B still outstanding in the Fed facility, while other companies that took part have found private-sector alternatives or scaled back short-term borrowing.
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Thursday 08:08 am AIG (AIG) CEO Robert Benmosche tells employees in an internal memo he remains "totally committed to leading AIG through its challenges" despite his frustrations with government curbs on compensation. Benmosche also called the government's limits a "barrier" that "stand in the way of restoring AIG's value" and repaying its debt.
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