Nueva York, El Superintendente de Seguros , Eric Dinallo anuncia un acuerdo en Nueva York para prestar asistencia de un préstamo a la aseguradora AIG el 16 de septiembre de 2008. La Junta de la Reserva Federal de Estados Unidos dijo el martes que el Banco de la Reserva Federal de Nueva York prestará hasta un máximo de 85.000 millones de dolares a la American International Group en un plan destinado a salvar la aseguradora de una "alteración del orden público por fracaso" que podría causar estragos económicos. REUTERS / Chip East (Estados Unidos)NUEVA YORK, EEUU (Reuters) - Las acciones de American International Group se desplomaban el martes mientras el gobernador de Nueva York, David Paterson, advirtió que la aseguradora estadounidense tiene "un día" para resolver sus problemas.
AIG es una de las aseguradoras más grandes del mundo y es la última gran entidad financiera que recibe el impacto de una crisis crediticia e hipotecaria que esta semana provocó la solicitud de quiebra de Lehman Brothers Holdings y la venta de Merrill Lynch a Bank of America.
El lunes le fueron rebajadas sus calificaciones crediticias, lo que hacía peligrar sus esfuerzos por recaudar el efectivo necesario para su supervivencia.
Tras la apertura de los mercados, los papeles de AIG caían un 44,12 por ciento, a 2,66 dólares, tras perder el lunes un 60,8 por ciento.
La aseguradora tiene "un día" para resolver los problemas, dijo Paterson al canal de televisión CNBC. Un fracaso podría acarrear un "problema catastrófico" para el mercado, añadió.
A última hora del domingo, AIG pidió ayuda a la Reserva Federal de Estados Unidos. El banco central presionó a JPMorgan Chase y Morgan Stanley para intentar que le den una línea de crédito a AIG de entre 70.000 millones y 75.000 millones de dólares, dijo el lunes una fuente familiarizada con la materia.
Las rebajas de sus notas crediticias harán mucho más difícil para el consejero delegado de AIG, Robert Willumstad, conseguir el capital necesario y podrían desatar demandas por casi 20.000 millones de dólares.
La compañía ha sufrido 18.000 millones de dólares en pérdidas en los últimos tres trimestres a causa de las garantías que suscribió en derivados vinculados a hipotecas.
Junio lo terminó con activos por 1,05 billones de dólares, con lo que su eventual quiebra sería mayor de la de Lehman, que dijo que terminó agosto con 600.000 millones de dólares en activos. Además terminó 2007 con 116.000 empleados, más de cuatro veces los de Lehman.
Las reducciones de sus notas por parte de Standard & Poor's y Moody's Investors Service implican que los socios de AIG en operaciones de intermediación puedan requerir que la compañía entregue garantías adicionales por 14.500 millones de dólares, según una presentación ante la autoridad del 6 de agosto.
También podrían derivar en la terminación adelantada de algunos contratos, lo que implicaría pagos adicionales por 5.400 millones de dólares, según la presentación.
A pesar de sus problemas, la compañía aún tiene negocios rentables que podría vender, como seguros de vida, de bienes y alquiler de aviones que le podrían permitir recaudar hasta 20.000 millones de dólares, según su ex presidente Maurice Greenberg.
NEW YORK (Reuters) - Capping an extraordinary day in financial markets, U.S. authorities pieced together an emergency $85 billion rescue of insurance company American International Group Inc to stave off a bankruptcy that could have thrown world markets into deeper turmoil.
AIG's rescue calls for the U.S. Federal Reserve to lend up to $85 billion to AIG for two years in exchange for a 79.9 percent equity stake. It comes just two days after U.S. authorities refused to bail out investment bank Lehman Brothers Holdings Inc, forcing it into bankruptcy court despite pleas from Wall Street's chiefs.
AIG will pay interest at a steep 8.5 percentage points above the three-month London Interbank Offered Rate, making the current rate equal to about 11.4 percent. That gives AIG a big incentive to embark on a massive asset sale program to pay back the loan quickly.
"Thank God," exclaimed Daniel Fuss, an influential bond manager who oversees more than $100 billion at Loomis, Sayles & Co in Boston. "AIG is interwoven with so many people and touches many companies around the world. This is a huge relief to many parts of the financial markets."
Around the time the AIG deal was announced, British bank Barclays Plc gave Wall Street another boost: It agreed to buy several parts of Lehman, the Wall Street investment bank that went bankrupt on Monday, for $1.75 billion.
Initial news of the AIG package pushed up U.S. stocks in after-hours trading, sent the dollar higher and boosted Japanese stocks. U.S. stocks earlier had clawed back from their largest one-day drop in seven years on speculation about the AIG and Lehman deals. The two largest U.S. investment banks, Goldman Sachs Group Inc and Morgan Stanley, also reported better-than-expected earnings.
The bailout keeps AIG from surpassing Lehman as the largest U.S. corporate failure ever. It comes on the heels of a government bailout just over a week ago of mortgage finance companies Fannie Mae and Freddie Mac, and six months after the Fed helped to finance the fire sale of failed investment bank Bear Stearns to JPMorgan Chase & Co.
AIG's bailout brings to about $700 billion the total of U.S. rescue efforts to stabilize the financial system and housing market. Authorities may get much of that sum back provided asset prices don't continue to slide
"In current circumstances, a disorderly failure of AIG could add to already significant levels of financial market fragility and lead to substantially higher borrowing costs, reduced household wealth and materially weaker economic performance," the Fed said in a statement.
President George W. Bush was briefed on the plan during a Tuesday afternoon meeting, which included Fed Chairman Ben Bernanke, U.S. Treasury Secretary Henry Paulson and U.S. Securities and Exchange Commission Chairman Christopher Cox.
AIG's management would be replaced, including Chief Executive Robert Willumstad, who only held the reins for three months, a person briefed on the matter said.
AIG
AIG faced a cash crunch after $18 billion of losses over three quarters, largely because of complex securities that are tied to mortgages, and which plunged in value as the nation's housing crisis deepened.
Investors and credit rating agencies grew more doubtful that AIG could offset its losses with enough capital, which became prohibitively costly to raise as its share price plunged.
AIG's life insurance, property and casualty insurance and aircraft leasing operations are considered healthy. The insurer, founded in Shanghai 89 years ago, now employs about 116,000 people and operates in more than 100 countries.
"The Administration is approaching an unprecedented step, but unfortunately we are living in unprecedented times," New York Sen. Charles Schumer said. "The alternatives are much worse."
Shares of AIG fell $1.15, or 31 percent, to $2.60 in after-hours trading, after dropping 79 percent in the prior three trading days.
"This would mean another shareholder wipeout," said David Ader, head of government bond strategy at RBS Greenwich Capital in Greenwich, Connecticut, referring to the bailout.
The AIG deal overshadowed a Fed decision earlier in the day to hold its benchmark interest rates steady.
"The Federal Reserve obviously thought the systemic risk from a major insurance company was too great to let go," said Chris Orndorff, who helps oversee $50 billion at Payden & Rygel Investment Management in Los Angeles.
"AIG not only does major business with Wall Street and the financial markets but also Main Street," he added. "That is why the Fed stepped in. It would have been disruptive, in no uncertain terms, if AIG went bankrupt."
An AIG collapse could have cost financial institutions $180 billion, or 50 percent of the capital they have raised since the credit crunch began last year, RBC Capital Markets analyst Hank Calenti wrote.
LEHMAN
Barclays' purchase includes Lehman's North American sales, trading, and research and investment banking businesses, as well as its midtown Manhattan headquarters and two New Jersey data centers.
About 10,000 of Lehman's 26,000 employees would join Barclays. Barclays said the purchase requires bankruptcy court approval, and that it can walk away if the deal is not completed by September 24.
"This is a once-in-a-lifetime opportunity for Barclays," Barclays President Robert Diamond said in a statement. "We will now have the best time and most productive culture across the world's major financial markets, backed by the resources of an integrated universal bank."
The announcement was notable in that it made no mention of the future of Richard Fuld, Lehman's longtime chief executive.
In a sign of how much U.S. authorities have been trying to prop up the markets, the Federal Reserve Bank of New York took the unusual step of providing some $87 billion in financing to help underpin trading with Lehman units to prevent disruption as customers fled, court documents showed.
(Additional reporting by Jennifer Ablan, Dena Aubin, Paritosh Bansal, Karen Brettell, Dan Burns, Kristina Cooke, Mark Felsenthal, Joan Gralla, Svea Herbst-Bayliss, Daisy Ku, David Lawder, Chris Sanders, Glenn Somerville and Jonathan Spicer; editing by Jack Reerink, Martin Howell)
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Después de los Bancos empezamos con las aseguradoras, AIG, American International Group, que opera en España al borde del colapso, lo que pondria en problemas futuros a lo planes de pensiones que captan este tipo de aseguradoras entre sus clientes, como complementos de los productos que ofrecen en su carteras.
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