how much did aig donate to obama

How much money did the Fed give AIG in 2008?

Mar 19, 2009 · Q: Did AIG give $100,000 to Obama? A: AIG employees gave $104,332 to Obama during the 2008 campaign, the most to any candidate. They also gave heavily to McCain, who was third on their list.

What was the AIG bonus payments controversy?

Mar 31, 2009 · Top Recipients of AIG Contributions, 2008 Election Cycle. 1. Obama, Barack (D-IL) — $104,332. 2. Dodd, Chris (D-CT) — $103,900. 3. McCain, John (R-AZ) — $59,499. 4. Clinton, Hillary (D-NY) — $37,965. 5. Baucus, Max (D-MT) — $24,750. 6. Romney, Mitt (R-MA) — $20,850. 7. Biden, Joseph R. Jr (D-DE) — $19,975. 8. Larson, John B. (D-CT) — $19,750. 9.

Did Barack Obama support the AIG bailout?

Feb 09, 2009 · Q: Did AIG give $100,000 to Obama? A: AIG employees gave $104,332 to Obama during the 2008 campaign, the most to any candidate. They also gave heavily to McCain, who was third on their list.

What happened to AIG?

The AIG bonus payments controversy began in March 2009, when it was publicly disclosed that the American International Group insurance corporation was going to pay approximately $218 million in bonus payments to employees of its financial services division. AIG is notable for having received taxpayer bailouts and in the fourth quarter of 2008 posted a loss of $61.7 …

When did AIG pay bonus payments?

The AIG bonus payments controversy began in March 2009, when it was publicly disclosed that the American International Group (AIG) insurance corporation was going to pay approximately $218 million in bonus payments to employees of its financial services division. AIG is notable for having received taxpayer bailouts and in the fourth quarter ...

How much did AIG lose in 2008?

AIG is notable for having received taxpayer bailouts and in the fourth quarter of 2008 posted a loss of $61.7 billion, the greatest ever for any corporation. Beyond the $165 million in bonus payments that were announced in March 2009, the total bonuses for the financial unit is unknown, it was estimated that it could have reached $450 million ...

Why did AIG become insolvent?

AIG had insured the toxic financial assets that caused the subprime mortgage crisis without making rigorous risk assessments. They attracted many contracts from Real Estate investors because their investment insurance policies were cheaper than market value. With the windfalls they made during the Great Moderation, they neglected creating an insurance fund large enough to cover what they were insuring, which would have been impossible given the sums involved. Instead, they raised the salaries and bonus of the firm's executive, and paid higher dividends to its shareholders. The investment section of the firm thus became insolvent during Financial crisis of 2007–2008.

Who introduced the tax bill for the Troubled Asset Relief Program?

Congressman Brad Sherman introduced a bill to restrict base salaries of employees of firms who have taken $5 billion or more in the Troubled Asset Relief Program by taxing all non-bonus compensation over $500,000. It is designed to tax all compensations, including all payments that may be "re-named" bonuses to ensure that individuals and firms will not escape the bonus tax. This bill also did not make it into law.

How much was the AIG bailout?

Robert Lenzer wrote in Forbes that "The $170 billion bailout of AIG and the $165 million bonus outrage are the result of reckless behavior by AIG and most especially by its egomaniacal former chairman, Maurice "Hank" Greenberg.

When did the TARP bill pass?

On February 14, 2009, the Wall Street Journal published an article, Bankers Face Strict New Pay Cap, discussing a retroactive limit to bonus compensation inserted by Chris Dodd into the TARP bill that passed in the Senate. The same article went on to mention that Treasury Secretary Timothy Geithner and Lawrence Summers "had called Sen. Dodd and asked him to reconsider".

Who sent the letter to AIG?

On March 16, 2009, New York State Attorney General Andrew Cuomo sent a letter to AIG demanding "the list of individuals who are to receive payments" and "a description of each individual's job description and performance at AIG Financial Products" in order to determine "whether any of the individuals receiving such payments were involved in the conduct that led to AIG's demise and subsequent bailout" and "whether, as you claim, such individuals are truly required to unwind AIG Financial Product's positions." AIG failed to respond, so Cuomo subpoenaed them for the names of the bonus recipients. Cuomo announced that 73 AIG employees were each paid more than $1 million in bonuses, saying "AIG made more than 73 millionaires in the unit which lost so much money that it brought the firm to its knees, forcing a taxpayer bailout." and "Something is deeply wrong with this outcome."

Who was the CEO of AIG in 2008?

In October 2008, the Fed hired Edward Liddy as CEO and Chairman. His job was to break up AIG and sell off the pieces to repay the loan. Liddy had to safely unwind billions in credit default swaps. He used $62 billion of the Fed's loan. 8 .

When did AIG get removed from the Wall Street Reform Act?

On September 29, 2017, the Financial Stability Oversight Council voted to remove AIG's designation as too big to fail. The Council was created by the Dodd-Frank Wall Street Reform Act to regulate financial firms that could affect the entire industry. 23 

When did Lehman Brothers go bankrupt?

Its demise would have created the same kind of economic collapse that occurred when Lehman Brothers went bankrupt in September 2008. Fortunately, the long-term cost of the bailout was much less than the initial payout. Taxpayers made a $22.7 billion profit when the Treasury sold its last shares of the insurance giant. 2.

What did Ben Bernanke say about the bailouts?

Former Federal Reserve Chairman Ben Bernanke reported that the $182 billion bailouts of the American International Group made him angrier than anything else in the recession. Bernanke said that AIG took risks with unregulated products like a hedge fund while using cash from people's insurance policies.

How did AIG become one of the largest bailouts in the 2008 financial crisis?

How did a boring, ultra-safe insurance company become one of the largest bailouts in the 2008 financial crisis? AIG had become a major seller of credit default swaps in an attempt to boost its profit margin. These swaps insured the assets that supported corporate debt and mortgages. If AIG went bankrupt, it would trigger the bankruptcy of many of the financial institutions that had bought these swaps. 3 

What is AIG insurance?

AIG is one of the world's largest insurers. Most of its business is general life, auto, home, business, and travel insurance, as well as retirement products like fixed and variable annuities. It got into trouble when it moved beyond its traditional insurance business.

Who is Thomas Brock?

Thomas Brock is a well-rounded financial professional , with over 20 years of experience in investments, corporate finance, and accounting. Former Federal Reserve Chairman Ben Bernanke reported that the $182 billion bailouts of the American International Group made him angrier than anything else in the recession.

Where was Obama's lab?

In July 2020, a photograph supposedly showing then-U.S. President Barack Obama, Dr. Anthony Fauci, and Melinda Gates at a laboratory in Wuhan, China, in 2015 started to circulate on social media: This is a genuine photograph of Obama and Fauci — but it was not taken in Wuhan, China, in 2015.

Where was Obama's photo taken?

This photograph was taken in December 2014 at the Vaccine Research Center at the National Institutes of Health in Bethesda, Maryland, and shows Obama and Fauci with U.S. Secretary of Health and Human Services Sylvia Burwell and Chief of the Biodefense Research Section Nancy Sullivan.

Where is the NIH campus?

Francis Collins went on to write in the blog: Today, we had the great honor of welcoming President Barack Obama to the campus of the National Institutes of Health (NIH) in Bethesda, MD—to see first-hand the progress that biomedical research is making against Ebola virus disease.