One Year Ago In Derivatives Week
The focus was on what plans Edward Liddy, the newly appointed ceo of American Insurance Group, had for the company's financial products business--with many speculating it would be wound down after being the source of the firm's problems. [The U.S. government is owed USD87.6 billion by AIG and has expended a total of USD131.6 billion in connection with the company. The unit is still in wind-down mode, led by former Morgan Stanley v.p. Gerry Pasciucco. But since new ceo Robert Benmosche took the reins, the pace of de-levering and asset sales has slowed. The number of trade positions has been reduced to 22,500 from 35,000 in Dec. 2008 and its notional exposure is down about 34% since Sept. 2008.]
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