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MetLife (MET)

MetLife, Inc. announced today a definitive agreement to acquire one of American International Group, Inc.'s international subsidiaries, American Life Insurance Company, for approximately $15.5 billion. The consideration will consist of $6.8 billion in cash and approximately $8.7 billion in MetLife equity securities, subject to closing adjustments.
And more cash comes in to help out the U.S. taxpayer.

Mar 9 · 11:38:00 AM
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by Larry Etter

Goldman Sachs (GS)

Bloomberg reports that Goldman Sachs is tapping demand that’s driven their borrowing costs to the lowest level in almost five years. The company issued $2 billion of bonds at a yield premium 44 % less than the last time it sold similar-maturity debt.
What a difference a year makes. Goldman sold the 5.375 % 10-year notes, priced to yield 5.493 percent, or 190 basis points more than Treasuries. Last May however, according to Bloomberg, Goldman paid a spread of 337.5 basis points.

Mar 2 · 11:12:00 AM
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by Jerry Byrne

AIG (AIG)

American International Group, Inc. announced today a definitive agreement for the sale of the AIA Group, Limited, one of the world's largest pan-Asian life insurance companies, to Prudential plc for approximately $35.5 billion, including approximately $25 billion in cash, $8.5 billion in face value of equity and equity-linked securities, and $2.0 billion in face value of preferred stock of Prudential, subject to closing adjustments.
This deal will provide some of the needed cash AIG sorely needs.

Mar 1 · 10:21:00 AM · Source: Company Press Release
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by Larry Etter

Citigroup (C)

Citigroup Inc. has named former Mexico President Ernesto Zedillo to its board of directors. Citigroup also said former AT&T Inc. executive Michael Armstrong and Xerox Corp. Chairman Anne M. Mulcahy won’t stand for re-election at the annual shareholder meeting on April 20, Citigroup said today in a statement.
The Citigroup board overhaul continues.

Feb 26 · 10:29:00 AM
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by Larry Etter

Hartford Financial Services (HIG)

The Hartford Financial Services Group, Inc. announced Edward J. "Ned" Kelly, III, Vice Chairman of Citigroup Inc., will retire from The Hartford`s Board of Directors.

Feb 25 · 2:35:00 PM
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by Larry Etter

Chubb (CB)

The Board of Directors of The Chubb Corporation today declared a quarterly dividend in the amount of $0.37 per share payable April 6, 2010 to shareholders of record on March 19, 2010. This represents an increase of $0.02 per share or a 5.7% increase over the $0.35 dividend paid last quarter.

Feb 25 · 2:33:00 PM
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by Larry Etter

Blackstone (BX)

Feb. 25 (Bloomberg) -- Blackstone Group LP, the world’s biggest private-equity company, reported fourth-quarter profit of $329.4 million as it resumed deal-making and marked up the value of companies it owns.....“We believe the worst is behind us,” Stephen Schwarzman, Blackstone’s 63-year-old chairman and chief executive officer, said in a statement.....
I believe, as does the market (Blackstone shares closed yesterday at $14, less than half their June 2007 IPO price of $31) that while the worst may indeed be behind us, as Mr. Schwarzman says, Blackstone still has their work cut out for them. They have 8 companies laying in the IPO wings, paying down the debt is crucial for Blackstone, and investors are anxious to see some return on their investments. It will be interesting to watch the path of these eight, market conditions will certainly have to improve form them to come public.

Feb 25 · 9:35:00 AM · Source: Bloomberg
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by Jerry Byrne

Royal Bank of Scotland (RBS)

Feb. 25 (Bloomberg) -- Royal Bank of Scotland Group Plc, Britain’s biggest government-controlled lender, reported a narrower-than-estimated full-year net loss, and increased its pay and bonuses for investment bankers by 44 percent.....RBS, which needed 45.5 billion pounds in taxpayer-funded support, is undergoing the most complicated restructuring of any company in history, Hester said last month. The bank’s 2009 loss is slightly more than the cost of Britain’s war in Afghanistan, which cost about 3.5 billion pounds in 2009, according to House of Commons Defence Committee figures last year.
Oh boy, I can just see the taxayers of Britain now. Can the strikes and protests in London be far behind? Remember the riot at the Group of 20 summit meeting in London just about a year ago. RBS is one of Britain’s most bailed-out banks. Think of it as their own version of AIG or General Motors, two companies which the gov't control massive stakes. And the bankers are now going to receive a 44% bonus increase?

Feb 25 · 8:45:00 AM
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by Jerry Byrne

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