In case you missed these stories
– AIG reports first quarterly profit since 2007
AIG reported its first profit in seven quarters on Friday, helped by large accounting gains, in a partial reversal of the huge mark-to-market losses that led to the rescue of the stricken insurer.
– Ambac given green light to tap assets
Ambac Financial, the troubled US bond insurer, on Friday said it had been given clearance to tap its reserves to avoid falling below minimum regulatory capital requirements as it reported a poor set of Q2 results.
– Charges prepared for Madoff lieutenant
The investigation into Bernard Madoff’s $65bn Ponzi scheme advanced on Friday as federal prosecutors prepared to file criminal charges against Frank DiPascali, one of his senior lieutenants.