BGN Entrepreneur

Twenty key executives have left AIG Financial Products after the furore over their bonuses, increasing the cost of rescuing the troubled business to US taxpayers, its chief executive has said.
As many as seven of the outgoing executives were from AIGFP’s London office, where much of the division’s most toxic derivatives business was done. The financial products side has been blamed for pushing AIG to the brink of collapse after selling $2.7 trillion worth of insurance on securities backed by mortgage and other credit products. Claims by AIG’s counterparties rocketed as mortgage defaults surged. The insurer was bailed out last September with $80 billion of US taxpayers’ money.

Related posts:

1. Red Tape Costs Rise by £11bn over the past year
   Research shows that businesses faced another £11 billion in red...
2. Taxpayers to Plug Lloyds Black Hole
   Billions of pounds of taxpayers’ money has been earmarked to...
3. UKFI Must Stay to Deliver Fair Returns on Taxpayers’ Investment
   The body set up to take care of the...
4. Banks Make Taxpayers £500m
   The taxpayers have begun to make a profit for...
5. Car Insurance Costs Set to Soar
   Due to rising medical costs and the increasing number of...