AIG Facing Competing Offers To Repurchase Assets From New Yo

Local News
  • About
  • Add to
AIG (NYSE:AIG) may face rival bids to its $15.7 billion offer to repurchase mortgage backed securities it was forced to turn over to the Federal Reserve Bank of New York in 2008 as part of the government rescue of the insurance giant.Barclays Plc (NYSE:BCS) is among the competitors considering a counter offer, according to the Financial Times. A spokesman for the company declined to comment.AIG announced March 10th it had asked to buy back its former assets from the New York Fed, who responded the next day that it would consider the offer as it seeks to maximize the proceeds to the taxpayer.AIG CEO Robert Benmosche, said, "We have been told that someone else was putting together a bid, I think we can offer a little more, but the price we offered is about it. Until I see a competing bid, I'd have to wait and see."