Latest on Financial Bailout and AIG

A quick rundown of news affecting the US Insurance Market courtesy of New York Insurance Research firm ADVISEN:

US House defeats $700B financial markets bailout Business & Economy
WASHINGTON_The House of Representatives on Monday defeated a $700 billion emergency rescue for the U.S. financial system, ignoring urgent warnings from President George W.

New York Hires Firm to Evaluate AIG Sales Regulation
The New York State Insurance Department has hired an investment banking advisory firm, Centerview Partners, to assist in evaluating potential sales of American International Group Inc. subsidiaries, the department said in a statement.

Greenberg and Starr Sell 40 Million Shares of AIG Stock Insurers
Maurice Hank Greenberg and the company he controls sold 40 million shares of American International Group Inc. for $125.9 million, according to reports filed with the U.S. Security and Exchange Commission on Sept.

Asset ‘insurance’ is next scary Wall Street novelty Business & Economy
Sep. 28–Remember that simpler time before you had ever heard the term “subprime mortgage”?