2008 financial crisis News

Disease Experts Are Better Than the Covid-19 Contrarians: Opinion

One of the most vexing questions in life is: Should you trust the experts? The fundamental conundrum is that sometimes the experts make big mistakes — think of medieval doctors who killed their patients by bleeding them. But without expertise …

Courts Allows Shareholder Class Action Against Goldman Sachs Tied to 2008 Crisis

Goldman Sachs Group Inc. must face a shareholder class action accusing the bank of hiding conflicts of interest, including behind-the-scenes dealings with a prominent hedge fund manager, when creating risky subprime securities before the 2008 financial crisis. In a 2-1 …

U.S. Court Affirms Dismissal of IPO Investors’ Claims Against Barclays

Barclays Plc is not liable to investors who bought its U.S.-listed stock a few months before the 2008 financial crisis and accused the British bank of hiding its risky debt exposure and a capital shortfall, a U.S. court ruled on …

CEO Duperreault Bets on Underwriting Culture, Greenberg Ways in Restoring AIG to Greatness

Brian Duperreault, who rejoined American International Group Inc. as chief executive officer last year to turn the company around, remembers another era when the insurer was trying to blaze a trail toward greatness. In 1973, Duperreault arrived at AIG’s old …

Whistleblower Loses Out on $864M Moody’s Ratings Settlement

A federal judge on Thursday dismissed a whistleblower lawsuit by a former Moody’s Investors Service managing director and said he deserves none of the $863.8 million that Moody’s agreed to pay to settle claims it inflated mortgage ratings prior to …

Greenberg’s Starr Returns to Court Seeking Damages Over AIG Bailout

U.S. lawyers on Friday urged an appeals court to bless the federal government’s $85 billion bailout of American International Group Inc. At the same time, attorneys for Maurice “Hank” Greenberg are asking the same court to rule that he and …

Goldman Sachs, Paulson Settle Fraud Claims by Bond Insurer Over Subprime CDO

Goldman Sachs Group Inc. has settled a 2011 lawsuit claiming the investment bank fraudulently induced a bond insurer to guarantee payments on the doomed Abacus collateralized debt obligation ahead of the financial crisis. ACA Financial Guaranty Corp. claimed Goldman and …

Federal Reserve Votes to Retire AIG Bailout Tool

The Federal Reserve Board on Monday approved a proposal to curb its emergency lending powers, a change demanded by Congress after the central bank’s controversial decision to aid AIG, Citigroup and others in 2008. The rule, unanimously approved by the …

Greenberg Will Appeal AIG Bailout Case Win Over Lack of Damages

Maurice “Hank’ Greenberg, who yesterday won what most considered a long-shot case with a ruling that the U.S. government acted illegally towards American International Group Inc. shareholders in the terms it imposed for its bailout in 2008, is appealing that …

Solvency II Staggers Towards Finish Line: a Retrospective Analysis

It’s been a long process, but, according to Paul Fisher, deputy head of the Bank of England’s Prudential Regulation Authority (PRA), who supervises insurance and regulatory risk, the introduction of the EU’s Solvency II regulations is nearing completion. In his …