FSL Shareholder Increases Investment

Normally, we leave the reporting on Asian companies to our associates; however we were sufficiently perplexed by the report that American International Assurance Company, Limited, an AIG affiliate, had increased its shareholding in First Ship Lease by acquiring an additional 1.49 million shares. After all, as a WSJ headline highlighted the situation, “AIG Increases Borrowings While Racing to Sell Assets.”   We suppose business must go on, despite the bailout, and at a yield of 26% it certainly is an attractive investment. But given the overall situation is this what AIA should be doing with excess liquidity albeit an insignificant amount in the scheme of

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