Military Fails to Collect From AIG for Care to Injured Contractors
Intensive care unit ward nurse Cynthia Warwick tends to a patient at the combat support hospital on the U.S military forward operating base at Camp Salerno on Nov. 25, 2008 in Khost, Afghanistan. (Paula Bronstein/Getty Images)
WASHINGTON — The Pentagon has failed to bill American Insurance Group and other major insurance carriers for millions of dollars in medical care provided to private contractors injured in Iraq and Afghanistan, according to a new federal report [1] (PDF).
The United States has hired hundreds of thousands of civilians to work in the two war zones. When injured on the job, their medical care is supposed to be paid for by private insurance companies, primarily AIG, under policies bought by the contractors.
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AIG Shares Tank on Report of Restructuring
AIG(AIG Quote – Cramer on AIG – Stock Picks) plans to unveil a major restructuring plan by early Monday morning that will likely include the sale of its aircraft-leasing unit and other assets, The Wall Street Journal reported on its Web site Sunday.
Managers at the nation’s No. 1 insurer were trying to put together the plan Sunday afternoon and present it to the company’s board for approval, the Journal reported, citing people familiar with the situation.
AIG, which has already raised $20 billion in fresh capital in 2008, was also talking to several private equity firms about getting more capital and was hoping to raise more than $10 billion, the Journal added.
In addition to its aircraft-leasing arm, AIG was considering selling off assets related to property and casualty insurance, the Journal reported.
Categories: Mixed Tags: AIG, AIG stocks, financial, stocks, wall street, web
