Whether its customers including - Financing
Friday, March 27, 2009

Whether its customers including

New York Attorney General Andrew Cuomo, below right, subpoenaed American International Group's credit-default swap data to see whether its customers including Goldman Sachs Group, Societe Generale and Deutsche Bank were improperly compensated with taxpayer dollars.

AIG's Financial Products subsidiary, which sold the credit-default swaps blamed for crippling the company, has been under fire after paying out $165 million in retention bonuses this month while its parent company was taking federal bailouts valued at more than $170 billion.

AIG sold swaps to more than 20 U.S. and foreign banks. After the company was rescued from collapse last year, banks that bought credit-default swaps got $22.4 billion in collateral and $27.1 billion in payments to retire the contracts, the insurer said this month. Goldman Sachs, Deutsche Bank and Societe Generale were among the largest recipients.

AIG Unit Gets Fed Financing

The New York Federal Reserve has signed off on American International Group's latest cash infusion for its aircraft leasing unit, a lifeline aimed at keeping it in business until it can be sold. International Lease Finance, one of the world's largest buyers of airliners, had warned that a failure to come up with new loans from AIG or someone else could threaten its survival.

AIG had loaned $800 million to the unit to cover its March spending. ILFC Chief Financial Officer Alan Lund said that another $900 million AIG loan for April was approved this week by the New York Federal Reserve. The money will be received on Monday; Lund said ILFC has $600 million in debt that will mature two days later. ILFC said in a filing that AIG will continue to offer such loans until March 2010 or until the unit is sold, whichever comes first.


Southwest Reaches Labor Deal

Southwest Airlines said it has reached a tentative deal that provides raises for its 9,800 flight attendants. The company said the four-year contract was reached with Local 556 of the Transport Workers Union, which represents the attendants.

Details of the terms were not disclosed.

Southwest now has tentative or approved labor agreements with nearly all its unionized workers, including pilots and mechanics.

The union said the agreement for flight attendants included pay raises, an increase in contributions to workers' 401(k) retirement plans and improvements in leave and job security. The union said it made no economic concessions.

Southwest earned $178 million last year, but that was down 72 percent from the year before, and the airline posted losses in the last two quarters of 2008. The airline has been cutting capacity as consumers and businesses reduce travel
Whether its customers including Reviewed by Financing Strategies ... you must see ... !! on 4:09 AM Rating: 5 New York Attorney General Andrew Cuomo, below right, subpoenaed American International Group's credit-default swap data to see whether...

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