Paulson, Icahn score AIG board seats, only to face uphill battle
February 12, 2016 by SONALI BASAK, KATHERINE CHIGLINSKY
(Bloomberg) — John Paulson and Carl Icahn, who became billionaires by identifying mispriced securities and pushing for corporate shakeups, face a new challenge after winning seats on the board of American International Group Inc., the insurer that’s been too big to manage for more than a decade.
Paulson was nominated to be a director along with Samuel Merksamer of Icahn Capital, the insurer said Thursday after markets closed. As if to highlight the task ahead, the New York-based company simultaneously announced a fourth-quarter loss of more than $1.8 billion, driven by higher-than-expected claims costs at the property-casualty operation, the business that Icahn and Paulson’s firm have said should be the core of a scaled-back AIG. Click HERE to read more…