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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 Rebecca Moore
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.”
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.