Introduction AIG‚ American International Group Inc.‚ is one of the top multinational insurance corporations. AIG‚ with asset of 556 billion‚ provides insurance service for more than 150 different countries and it has over 630‚ 000 employees over the world. Even though AIG is such a giant corporation‚ it has encountered financial problems in the early 2000s. Under financial pressure and a lack of internal control‚ AIG have committed frauds resulting in several scandals. One of the accounting scandals
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Bank Bailout Outline I. Introduction II. Background III. Opposition’s point 1‚ refute‚ 1st support for thesis. a. Credit Card Act of 2009 b. No Change at all‚ Banks still operating the same way IV. Opposition’s point 2‚ refute‚ 2nd support for thesis. a. Creation of TARP b. $12.2 trillion dollars of tax dollars were spent wrong c. TARP allowed many banks to allow credit again d. A majority of banks have paid back TARP money e. After TARP
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Ann-Katrin Kohnle Organizational Behavior AIG American International Group‚ or AIG‚ started out as a company that represented American insurance companies in Shanghai. The company moved on to become a reinsurance company in the United States that would hekp insurance companies disperse their liabilites and therefore aid those companies to grow faster. In 1968‚ Maurice Greenberg took over as CEO and AIG grew and expanded into countries around the world. Today‚ AIG does not only provide reinsurance services
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What went wrong at AIG? Despite US$110 billion in annual sales and assets in excess of US$1 trillion‚ on the 16th of September 2008‚ AIG accepted the Federal Reserve’s US$85 billion rescue package in order to prevent itself from facing a Chapter 11 filing. In exchange‚ AIG had given a 79.9% stake in the company to the government and also the right to suspend dividends previously issued to common stock and preferred equity. In all‚ US$184 billion in shareholder value was wiped out in less than a
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A Summary of the case “BP (Beyond Petroleum) Focuses on Sustainability” Introduction British Petroleum or Beyond Petroleum (BP) is the world’s one of the largest and leading petroleum product manufactures. It has headquarters in London. It operates from 29 countries. Though it has faced safety and environmental controversies in the history of its operations it could overcome all negative images through a concrete focus and consistent efforts towards sustainable developments. BP operates throughout
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The Macroeconomics of the Auto Industry Bailout [Type the author name] [Pick the date] The Auto Industry Bailout Detroit‚ Michigan grew up around the automobile industry. At its peak‚ Detroit was the fifth-largest city in the United States‚ becoming the home to over 1.8 million people by 1950 (Davey‚ Monica 2013). The prolific population was due greatly to the success of the auto industry in the city. At that time‚ Detroit was flying high‚ its name coined “The Motor City” (americaslibrary
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the ethics of bank executives receiving large bonuses despite the fact that they received a bailout. I identify the utilitarian and deontological implications of these executives’ actions. This paper also examines if the executives deserved the bonuses‚ did the banks need a bonus‚ and how the banks should have been regulated by the banks. Keywords: bailout‚ utilitarian‚ deontology Ethics of Bank Bailout Bonuses Currently the economy is still in “The Great Recession” largely due to the fallout
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What Have You Done As A Leader And How Has It Affected Your Life? Leadership is an intangible asset that usually cannot be showcased through medals and plaques‚ as athleticism or aesthetic talent. However‚ it is essential for an organisation and corporation as well as small businesses to have these skills to live in the competitive world in order to be successful. What have I done as a leader? and How has it affect my life ? I am really grateful to be the elected as the head of the Living
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industry bailout took place during the George W. Bush administration. After the recession in 2008 the auto industry faced another difficult era resulting in another bailout from the President Barack Obama administration. Obama bailout totaled $85 billion for GM motors‚ and Chrysler. Bush also defended the decision of Obamas’ bailout because he believed without the bailout the country would have had a second great depression resulting in 21% unemployment. Twice the US auto industry leaders have been
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Bear Stearns Bailout “The Fed did not bailout Bear at taxpayer expense‚ but enabled – as it is mandated – the financial markets to continue to function. History will call the Fed’s action the right move at the right time”‚ says Jeremy Siegel‚ Ph.D. The Bear Stearns Company began a financial meltdown in July 2007. By March 2008‚ it was ready to file Chapter 11 bankruptcy. Some people believe that the Federal Reserve should not have stepped in to bailout Bear Stearns because it was rewarding
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