The Markets July 2, 2009

AIG Delisted from NYSE—Not!

As if American International Group (AIG) hasn't been picked on enough, late yesterday the New York Stock Exchange (NYSE) posted a notice of suspension and delisting for AIG on its Web site—accidentally.
Reported by

A news report on MSN Money said AIG did not meet the standards for delisting, so it was de-delisted on Thursday when the NYSE issued an apology. The exchange typically issues delisting or suspension notices when a company’s stock falls below $1 a share or its market capitalization drops below $25 million, and it has eased those rules amid the recession as some companies that were once in good economic condition saw their share prices plunge.

“AIG is not subject to suspension and delisting, and was not responsible for the error,” the NYSE statement said, according to the news report. “The NYSE regrets the error.”

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AIG spokeswoman Christina Pretto told Bloomberg News the exchange “had a systems error.” The posting was removed when it was discovered.

The federal government owns about 80% of AIG after it bailed out the insurance giant in September of last year. According to MSN Money, AIG has received $182.5 billion in loans from the government.

Products July 2, 2009

NAIBD Remakes Web Site

The National Association of Independent Broker/Dealers (NAIBD) launched a new Web site that it said offers a more comprehensive members-only section.
Reported by

The NAIBD, an advocate for small and independent broker/dealers (B/Ds), said in a press announcement that the site (www.naibd.org) positions the association as a professional entity dedicated to serving as an advocate for the independent broker/dealer community.

Additionally, NAIBD is introducing new member programs and a heightened focus on independent broker/dealer advocacy. The enhanced online Members-Only section gives individuals full access to their membership record, a resource to learn more about the organization and its benefits, as well as the ability to review past Webinars, member calls, and meeting/conference materials. NAIBD said the updated newsroom also enables prospective and current members to view recent association activities such as advocacy efforts, upcoming events, and new member programs.

Formed in 1979, NAIBD is composed of 150 independent broker/dealer and industry providers and suppliers from across the country. NAIBD works with independent B/D owners and principals; industry product and service providers; and the SEC, FINRA, and state regulatory organizations to improve the securities industry as a whole.

More information about NAIBD is available at www.naibd.org.

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