After slinking its nameplate away from a prominent site in North Montrose sometime after the company’s name became a not-so-revered household word in the aftermath of the late-noughts financial meltdown and the $182 billion in government bailouts it received (see sign-free photo at right from last month), insurance giant AIG has decided the froth has subsided enough that it can call itself AIG again. This week a new shroud disguising a new-again three-letter logo was lifted on the 42-story America Tower — er, AIG Building — in the American General Center at 2929 Allen Pkwy.
- AIG to Revive AIG Name; Drop Chartis, SunAmerica Names [Insurance Journal]
- Previously on Swamplot: AIG Surrounded by Fog in Houston, Too
Photos: Candace Garcia
Didn’t this happen sometime last week? I recall looking up at the tower and noticing the new logo on it.
They lifted those with a helicopter on a Sunday during the Texans game (I live down the street) and now I know what Vietnam must have sounded like (LOUD). Rather sad they owe the tax payers billions but will spends tens of thousands of dollars to put their logo (in lights no less) on their building. Money well spent, I think not.
good, makes it easier to never forget and forgive
oh good now I know what to call that building SAID NO ONE EVER.
I never understood why they took it down in the first place. It’s not like everyone would just forget they use that building.
What magic Trickery is this!?!! Must of fooled OccupyHouston!
When taxpayers bailed them out several years ago, the AIG sign came down and the USA flag went up!! Now apparently they have paid back some of the “loan” to us and can show their face in public again.
for Benny – “loan” has been repaid, in full, with interest. $15.1B in interest. Good for AIG! Great JOB!!!!
The latest sale of American International Group stock now underway by the U.S. Treasury means that the federal government has now fully recouped its investment in the company and has already made $15.1 billion on its investment, AIG and Treasury officials said last night.
Occupy Allen Parkway!!!
I noticed that the ‘a’ is out in the lit Bayou Lofts sign in downtown on the sw side of their building. They are now marked B you Lofts. You just B you AIG.
Neal with a Rice Military zip, that is not truth at all, of those bailed out they STILL owe the majority of what was loaned to them. By all rights they should have failed, and rightfully so.
the “loan” AIG received from “us” people who pay taxes in the usa was converted into stock at several strike prices. US govt still holds plenty of this stock, so no, the loan has not been paid in full although the US govt is claiming $15 bill paper profit!
Sorry, but I don’t understand your math. $182.3B bailout, and the US government sold stock worth $197.4B to investors and some back to AIG since the bailout. That looks like a profit of over $15B. But what do I know, I’m just an accountant. Yes, the government still owns about 16% of the outstanding stock, but that will be all profit when sold.
as of May 3, 2012 ..
AIG was near bankruptcy at the height of the financial crisis in 2008 and needed a government bailout worth $85 billion, a total that later rose to $182 billion. The firm has since been working to pay down this sum.
The Treasury Department still has $36 billion invested in AIG from the original bailout, and the New York Fed is still owed $8.7 billion from a loan to Maiden Lane III.
At $45 billion in total, these remaining investments represent a 75% drop from the government’s original $182 billion commitment.
Next up in line for Bailout is FHA.. it seems that 30% of the mortgages they guatanteed in 2008 until 2010 had a FICO score of 640 or less. They are claiming $16 Bill loss, but I’d bet the truth is larger.
Thanks TRB!! Gald to see someone understands the methodology of repayment of the bailout. I, personally, don’t think anyone can dispute that AIG has made a huge turn around given the circumstances of 2008. But with people like cm and benny (quoting news from 6 months ago), I guess it will always people will always be ‘glass half empty’.
Good discussion people.
“For the most part the AIG bailout has been a succes. This has occurred because, having spent the past two years selling excess assets and modernizing its core insurance businesses, AIG is profitable again. The firm’s only remaining debt to the Fed is a $9.3 billion loan, against which the central bank holds collateral valued at almost twice that. So it’s highly unlikely taxpayers will take a loss — and quite likely they’ll turn a profit.”
IK’ll stand by my original statement that AIG still owes taxpayers money. when the balance is $0 and 0 shares I will agree.