Are AIG’s Biggest Shareholders Optimistic About Putting the Crimes Behind the Company?
For the year-to-date, American International Group, Inc.’s (NYSE:AIG) shares are up 28.36 percent. Remember the days of Ace Greenberg and the rise and fall of AIG during the financial crisis heyday? Looks like AIG is having a solid turnaround year.
On Friday, Reuters reported that in a court filing, four former Berkshire Hathaway Inc’s General Re Corp executives along with one from American International Group Inc. (NYSE:AIG), former vice president Christian Milton, are involved in talks to settle the criminal case that accused them of arranging a reinsurance transaction; this falsely increased AIG’s loss reserves by $500 million with no transference of risk.
This led to the 2005 removal of AIG’s chief executive, Maurice “Hank” Greenberg.
The talks come almost 10 months after the 2nd U.S. Circuit Court of Appeals in New York reversed the defendants’ convictions, noting judicial errors from the 2008 trial.
With the court talks moving things along for the old case, will AIG’s largest shareholders increase their holdings? 509 institutional firms indicated owning shares of American International Group, Inc. (NYSE:AIG) in Q1 2012. These firms reported owning a total of 419.671 million shares on 03/31/2012 . The shares closed at $30.83 on 03/31/2012.
Here are the ten largest positions in American International Group, Inc. at the end of March 31st, 2012.
Fairholme Capital Management LLC held 91,464,833 shares on 03/31/2012 worth $2,819,860,794.
Vanguard Group Inc held 21,357,763 shares on 03/31/2012 worth $658,459,832.
State Street Corp held 19,410,965 shares on 03/31/2012 worth $598,440,049.
Franklin Resources Inc held 15,400,437 shares on 03/31/2012 worth $474,795,472.
Mackenzie Financial Corp held 15,166,461 shares on 03/31/2012 worth $467,581,991.
Hotchkis & Wiley Capital Management LLC held 14,289,343 shares on 03/31/2012 worth $440,540,444.
Blackrock Institutional Trust Company N.A. held 13,124,835 shares on 03/31/2012 worth $404,638,662.
Wellington Management Co LLP held 10,342,352 shares on 03/31/2012 worth $318,854,711.
Glenview Capital Management LLC held 9,385,465 shares on 03/31/2012 worth $289,353,885.
Steadfast Capital Management LP held 9,063,541 shares on 03/31/2012 worth $279,428,968.
Knowing which stocks have institutional support will help improve your investing skills, and teach you how to ride the waves of strong moves. In fact, “S = Support is Provided By Institutional Investors & Company Insiders” is a core component of our CHEAT SHEET investing framework for this very reason. Don’t waste another minute — click here and get our CHEAT SHEET stock picks now.