Securities Lending
Securities Lending – Banks
Securities Lending – Banks Wells Fargo also manages 14 different securities lending pools. These are arrangements whereby we will lend client securities out to different broker dealers. In exchange, we receive collateral, often in the form of cash, and that cash is then invested. It’s an ALM business, and the idea is for us to…
Read MoreAIG – Securities Lending – Leverage
AIG – Securities Lending – Leverage 2008 Financial Crisis – AIG – Securities Lending – 1) Ed Royce (R-CA), Dodd vs Eric Dinallo https://www.govinfo.gov/content/pkg/CHRG-111shrg51303/pdf/CHRG-111shrg51303.pdf 1) Ed Royce (R-CA) – And then came the fall of AIG. And the bets that brought down AIG were made through the firm’s securities lending division as well as the financial products unit.…
Read MoreNAIC – Securities Lending
Securities Lending – NAIC re: Bond Lending / [Securities Lending] There was also some discussion of the lack of liquidity associated with this program and it was felt that that is certainly consideration which must be taken into effect by companies contemplating such transactions. 1986-1, NAIC Proceedings – Minutes Working Group on Emerging Issues Chicago Illinois -…
Read MoreAIG – Securities Lending – Media
AIG – Securities Lending – Media 2009 0205 – businessinsider – How AIG Lost Billions By Helping Short-Sellers, John Carney – [link] The Short Sellers Come Calling Again. In the end, AIG’s strategy of betting with borrowed money–the collateral their customers had put up to borrow mortgage backed securities from AIG–became a fatal mistake. When short-sellers…
Read MoreAIG – Securities Lending – Insurance Companies
AIG – Securities Lending – Insurance Companies AIG was also taking risks with the assets of its life insurance subsidiaries through its securities-lending program. 2012 0725 – SIGTARP – AIG Remains in TARP as TARP’s Largest Investment – 22p 2008 0530 – Delaware – Report On Examination of AIG Life Insurance Company as of December 31,…
Read MoreAIG – Securities Lending – International
AIG – Securities Lending – International 2008 – NAIC – International Report – Issue No. 32-33 September – December. 2008 – 18p Michael Mcraith – Illinois 2009 0616 – GOV (House) – Insurance and Systemic Risk, aka Insurance and Systemic Risk – [PDF-181p, VIDEO-C-SPAN] 2010 01 – BIS / The Joint Forum – Review of the Differentiated Nature and Scope…
Read MoreAIG – Securities Lending – 4.5 Billion
AIG – Securities Lending – 4.5 Billion (p8) – David Herzog, AIG Senior Vice President and Comptroller, then joined the meeting. Mr. Herzog explained AIG’s immediate liquidity needs. He stated that AIG had used $10 billion to $11 billion through the securities lending program and was still approximately $4.5 billion short in that program. Mr.…
Read MoreQ: Could the Securities Lending Division of AIG Taken Down the Company by Itself?
Q: Could the Securities Lending Division of AIG Taken Down the Company by itself? For example, it is almost certainly the case that the securities-lending scheme undertaken by American International Group’s life insurance subsidiaries would have taken down the company by itself, had the collateral calls on AIG Financial Products’ credit default swaps not done…
Read MoreSecurities Lending – Documents
Securities Lending – Documents Government 2015 – OFR – Reference Guide to U.S. Repo Securities and Securities Lending Markets- 70p Academic Papers 2010 – AP – The Role of Repurchase Agreements and Securities Lending in Distressed Financial Institutions, Irvin Chan – 52p 2011 – AP – AIG: Misconceptions, Precipitating Factors in Government Bailout, and Implications for the Financial…
Read MoreAIG – Securities Lending – Run
AIG – Securities Lending – Run At the same time, the financial crisis and concerns about AIG’s solvency prompted AIG’s securities lending counterparties to demand the return of additional tens of billions of dollars of cash collateral. Case 1:11-cv-00779-TCW Document 87-7 Filed 01/23/13 Page 9 of 28 – Starr 3.7 AIG’s securities lending operations faced…
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