Latest New York Headlines
All the headlines from our New York Topic Page, ordered by recency.
AIG Signs Definitive Agreement with Fed of New York for $85B Credit Facility
Sep 23 2008 // American International Group Inc. (AIG) announced that it has signed a definitive agreement with the Federal Reserve Bank of New York for a two-year, $85 billion revolving credit facility. Interest will accrue at a rate...
U.S. Bailout Faces Delays as Goldman Gets $5B Boost from Buffet
Sep 23 2008 // Architects of a $700 billion bailout plan urged U.S. lawmakers to act swiftly or face dire economic consequences as global stock markets fell for a second day on growing concern the rescue may be delayed. But financial...
New York Workers’ Comp Rates Going
Sep 22 2008 // Premiums for workers’ compensation insurance in New York will drop 5 percent in 2009, marking the second straight annual decline since landmark reform legislation was passed in 2007. The drop in rates follows a 20.5...
Business Moves
Sep 22 2008 // CRC Insurance, Southern Risk CRC Insurance Services Inc., the wholesale insurance unit of BB&T Corp., completed its purchase of Southern Risk Operations LLC. Sumter, S.C.-based Southern Risk is an excess and surplus...
People
Sep 22 2008 // The Chubb Corp has named Richard G. Spiro executive vice president and chief financial officer, effective Oct. 1. Spiro, 44, succeeds the retiring Michael O’Reilly, who will remain at company until the end of 2008 to...
Some See Spitzer Role in AIG Crisis
Sep 19 2008 // Lost by many in the week’s financial markets’ nightmare were ghosts of Wall Street past. Some in business and politics are blaming the need for Tuesday’s historic federal bailout for American...
Fitch On AIG Rating Watch Revision
Sep 18 2008 // On Sept. 17, Fitch Ratings revised its Rating Watch on American International Group Inc. (AIG) and its subsidiaries to Evolving from Negative following the announcement that its board has approved a transaction under which...
N.Y. Gov Paterson Praises Insurance Chief Dinallo on AIG Rescue
Sep 18 2008 // New York officials helped giant insurer American International Group Inc. strike a historic loan deal with the Federal Reserve on Tuesday night to keep AIG afloat and avoid another fiscal crisis for the state. Gov. David...
OSHA Cites Contractors in Deadly New York Crane Collapse
Sep 17 2008 // A federal agency hit three construction firms with penalties totaling $313,500 on Monday for safety violations that led to a tower crane collapse that killed seven people in March. The citations by the Occupational Safety...
Greenberg’s C.V. Starr May Try to Take Over Struggling AIG
Sep 16 2008 // A company led by Hank Greenberg, a former chief executive of American International Group, may try to take over the insurer in a proxy fight or tender offer, according to a regulatory filing. Greenberg’s company,...
States May Help AIG; Also Assure Policyholders Claims Will be Paid
Sep 16 2008 // State insurance officials from Pennsylvania and New York, where troubled American International Group’s insurance subsidiaries have a an estimated $120 billion in assets, are offering to assist AIG in raising...
Update: AIG Cash Crisis Mounts; Greenberg Explores Buyout; Conservatorship Reportedly Eyed
Sep 16 2008 // American International Group Inc. shares sank 48 percent on a report that regulators might take control of the giant insurer, though a U.S. government source said federal agencies do not have legal authority to put AIG...
CNBC Reports Federal Government May Loan AIG Funds
Sep 16 2008 // American International Group Inc. shares plummeted after the insurer’s credit ratings were cut, heightening concerns it might file for bankruptcy and further upset the global financial system. In late-morning...
New York Giants, Jets Cancel Stadium Naming Talks with Allianz
Sep 16 2008 // The New York Giants and Jets have canceled negotiations on stadium naming rights with a German insurance company that once had ties to the Nazis. Allianz had been seeking a deal to put its name on the stadium being built...
AIG Rescue at Hand: Government to Take 80% Stake in Exchange for $85 Billion
Sep 16 2008 // An $85 billion government rescue of insurer American International Group Inc. looked increasingly likely Tuesday to stave off a bankruptcy that would have thrown world markets back into turmoil. The Federal Reserve will...
AIG Employees on Edge as Once-Safe Company in Turmoil
Sep 15 2008 // Disbelief and anxiety were written on the faces of staff at American International Group Inc. as they grappled with the idea that their company, which was once the largest insurer in the world and one of the safest places...
AIG Gets New York Governor’s Help in Accessing $20 Billion
Sep 15 2008 // Embattled insurer American International Group Inc. received New York state approval to post $20 billion of policyholders’ assets as collateral as it seeks to stave off a liquidity crisis and works with banks to fix...
New York Federal Reserve Hosting Meetings on AIG, Says Official
Sep 15 2008 // The New York Federal Reserve was hosting meetings Monday on the situation of embattled insurer American International Group Inc. with representatives of the Treasury Department, financial services firms and state...
Bank Insurance Brokerage Earnings Break Highest Mid-Year Level
Sep 15 2008 // Mid-year earnings from bank insurance brokerage hit their highest level ever in the first half of 2008. Bank insurance brokerage earnings in the first six months of 2008 were $2.12 billion, up 6.4 percent from $1.99...
AIG Facing Liquidity Crisis, Seeks $40 Billion Loan from Federal Reserve
Sep 14 2008 // Insurer American International Group Inc., working to stave off rating downgrades [See related article] and shore up the capital of its holding company, has made an unprecedented approach to the Federal Reserve seeking $40...
