American International Group and the Bonus Fiasco On September 16‚ 2008 AIG suffered a liquidity crisis following the downgrade of its credit rating. In response‚ the federal government allotted AIG 85 billion in a bailout to keep the firm afloat in exchange for an equity stake in the company. In a very controversial move‚ AIG paid out more than 500 million in salaries and bonuses to senior employees after accepting the federal assistance money. This outraged the public‚ and in turn politicians
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Coping with Financial and Ethical Risks at American International Group (AIG) 1. Discuss the role that AIG’s corporate culture played in its downfall. The corporate ethical culture at AIG was far from a good one. The corporate culture focused on high risk taking schemes that were only there to focus mostly on short-term financial gain. The AIG Financial Products unit specialized in derivatives and other complex financial contracts that were tied to subprime mortgages or commodities. While its
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Body of Work by Lupe Fiasco. Typically‚ a body of work is a collection of everything an artist‚ writer or musician has created. The song features; Saxophone solos played by Terrance Martin‚ Troi singing the pre-hook and hook‚ Lupe Fiasco slow raping the verses‚ and a women whispering as backup during the verses. There is a slow and softer beat throughout the song. On the surface the song seems to be about Fiasco’s relationship with rap music‚ but there is a far more universal message hidden as well
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Fiasco‚ along with rappers Common‚ Mos Def‚ and Talib Kweli‚ has been credited as a pioneer of the conscious hip hop movement‚ which focuses on social issues.[51] Subjects touched upon on Lupe Fiasco’s Food & Liquor include absent parents‚ terrorism‚ Islam and religion‚ war‚ and prostitution.[51] Fiasco attributes his interest in social issues to his highly cultured upbringing‚ as he describes his mother as "very intellectual" and his father as a "Renaissance man".[51] He rejects the misogyny
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native rapper‚ Lupe Fiasco. The song depicts the word bitch in the many forms that it is used in today’s urban society. The song starts with a dark weary synthesizer and a heavy deep 808 drum pattern that reflects the sound that is used in many of today’s popular club/party songs. The words to the song shine a stereotypical light on “bad bitches‚” but there is a twist. Fiasco highlights 3 significant points which is the basis of the song‚ “Bitch bad‚ woman good‚ lady better” (Fiasco‚ Bitch Bad). By
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Abstract AIG traces its root to 1919‚ when American Cornelius Vander Starr established a general insurance agency‚ American Asiatic Underwriters‚ in Shanghai‚ China. Since then‚ an enterprising spirit‚ ingenuity‚ and tenacity have built the company into one of the world’s leading insurers. Today‚ AIG is focused on what it has been known for since the beginning: the willingness and ability to provide insurance coverage to meet the diverse needs of its clients. American International Group‚ Inc. (AIG) is
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describes the regulation gap in the CDS market and states the regulation reform after the crisis. Part I is background‚ generally introduces the Wall Street crisis. How it happened? What consequence it has? Part II is mainly about AIG’s CDS business: how AIG got involved in the crisis and why the biggest world insurance company suddenly collapsed. Part III is about credit default swaps: definition‚ construction‚ and problems. Part IV is concerned on the regulation reform after AIG’s failure. Wall Street
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Who is AIG? American International Group‚ Inc. (AIG) is a leading provider of insurance and retirement solutions. Headquartered in New York City‚ AIG has principal offices for its international operations located in London‚ Hong Kong and La Defénse. AIG companies serve commercial‚ institutional and individual customers in more than 130 countries and employs 63‚000. Through its multiple company segments‚ AIG also provides services in the life insurance and retirement services industries. AIG is divided
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1. What‚ if any‚ were the relevant institutional voids in China? The relevant institutional voids for AIG in China were: 1. Macro level political and social context- media and non-governmental institutions had very little influence‚ but the government did‚ there was a political power monopoly. 2. Macro level openness of the economy – the Chinese economy lacked openness to foreign direct investment. 3. Product markets – there was weak property right protection‚ in the Chinese market there was
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Pre-September 2008: The AIG Crisis Over the years‚ AIG built upon its premier global franchises in life and general insurance by expanding into a range of financial services businesses. One of these‚ created in 1987‚ was AIG Financial Products Corp. (AIGFP)‚ a company that engaged as principal in a wide variety of financial transactions for a global client base. In 1998‚ AIGFP began to sell credit default swaps to other financial institutions to protect against the default of certain securities
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