NEW YORK (

TheStreet

) --

AIG

CEO Robert Benmosche has complained to senior executives at investment banks about unfavorable stock research, just as the insurer considers which four banks should lead another large offering of the U.S. government's shares later in 2011,

The Wall Street Journal

reported.

Benmosche told the newspaper he intends to change at least one of four lead underwriters following his dissatisfaction with how the last deal in May went.

The complaints from the AIG CEO suggest some analysts don't fully understand the company and its value, the

Journal

said, citing people familiar with the matter.

"For the next offering, I want to make sure there is a clear understanding of who AIG is and our trajectory, and why AIG is a stock that investors should own," Benmosche said in July.

The offering in May was led by

Bank of America Merrill Lynch

(BAC) - Get Report

,

Deutsche Bank

(DB) - Get Report

,

Goldman Sachs

(GS) - Get Report

and

JPMorgan Chase

(JPM) - Get Report

.

AIG raised $8.7 billion at $29 a share in the stock offering in May, a price slightly above what the U.S. Treasury paid but below what Benmosche was hoping for, the

Journal

noted.

The Treasury still owns a 77% stake in AIG, which currently has a market value of $33.5 billion.

Of 12 analysts surveyed by

TheStreet

, four rate AIG a "buy" and eight rate the stock a "hold."

-- Written by Joseph Woelfel

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Joseph Woelfel

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.suggesting that It is more than an academic argument: AIG is considering which four banks should lead another large offering of the U.S. government's shares later this year--and Mr. Benmosche has told The Wall Street Journal he intends to change at least one of four lead underwriters following his dissatisfaction with how the last deal went. The choice would be a plum for those keeping their roles on the coveted assignment and a black eye for whichever bank is replaced.After several large Wall Street banks helped underwrite American International Group Inc.'s May stock sale, their analysts did something rare: publish biting research reports about the insurer.Now, AIG's chief is biting back. Bloomberg News Robert Benmosche"For the next offering, I want to make sure there is a clear understanding of who AIG is and our trajectory, and why AIG is a stock that investors should own."--CEO Robert Benmosche, July 11 "Until AIG can show operational progress, we would rather focus on insurers that are currently generating better returns." --June 8 report from Goldman Sachs analyst Michael Nannizzi "Despite steady improvement, we expect AIG's returns to lag

industry averages for the foreseeable future." --June 27 report from J.P. Morgan analyst Jimmy Bhullar Chief Executive Robert Benmosche has complained to senior executives at investment banks about the unfavorable stock research, suggesting that some analysts don't fully understand the company and its value, according to people familiar with the matter. It is more than an academic argument: AIG is considering which four banks should lead another large offering of the U.S. government's shares later this year--and Mr. Benmosche has told The Wall Street Journal he intends to change at least one of four lead underwriters following his dissatisfaction with how the last deal went. The choice would be a plum for those keeping their roles on the coveted assignment and a black eye for whichever bank is replaced.An AIG spokesman declined to comment.The predicament underscores the continuing pressure on Wall Street banks to publish rosy research on clients that pay them to underwrite stock offerings or advise on merger deals. For years, bankers lost out on lucrative deals and research analysts risked losing access to corporate executives if they issued negative stock recommendations. That led to a 2003 pact in which 10 top securities firms paid a total of $1.4 billion to settle--without admitting or denying--regulatory allegations that they issued overly optimistic research on clients to win business.Mr. Benmosche has told bankers that his decision on selecting underwriters for AIG's coming stock offering won't be based simply on the relationships they have with AIG executives and will take into account a number of factors, according to a person familiar with the matter. They include stock research, investment bankers' understanding of the company and an analysis of which buyers in AIG's May offering ended up holding the shares and which ones "flipped," or quickly sold, them after the deal, the person said.Though Mr. Benmosche expressed frustrations about the recent stock offering and said he wants banks to portray AIG accurately, he didn't demand that they publish positive research, the person said. Mr. Benmosche's message comes as bankers and senior executives from multiple firms have reached out to AIG, hoping to persuade its management that they should be on the next deal and offering ideas and additional services. The U.S. Treasury is still hoping to recoup $41.7 billion from selling its 77% stake, which currently has a market value of $33.5 billion. The issue is sensitive. Mr. Benmosche can't be seen directly demanding that his firm receive positive research from Wall Street; that could flout the spirit of regulatory rules. And under the 2003 settlement, financial firms are barred from altering their research ratings in a bid to win business. At the same time, the better AIG does, the more U.S. taxpayers will recover from the government's 2008 bailout of the company. Spokesmen for the Treasury and SEC declined to comment. (Reuters) - American International Group (AIG.N) Chief Executive Robert Benmosche has complained to senior executives at investment banks about the "unfavorable research" of the insurer's stock, the Wall Street Journal said, citing people familiar with the matter.Benmosche's complaint suggested that some analysts do not fully understand the company and its value, the Journal said.AIG is considering which four banks should lead another large offering of the U.S. government's shares later this year, the paper said.Benmosche told the Wall Street Journal that he intends to change at least one of the four lead underwriters following his dissatisfaction with how the last deal went.In May, AIG raised $8.7 billion in a stock offering, which included 200 million shares sold by the Treasury and 100 million sold by AIG, far smaller than the $10 billion to $20 billion deal some banking sources had suggested earlier this year, hinting at a potential lack of investor interest.The offering was led by Bank of America Merrill Lynch, Deutsche Bank AG (DBKGn.DE), Goldman Sachs Group Inc (GS.N) and J.P. Morgan Chase (JPM.N).An AIG spokesman declined to comment to the Journal. The company could not immediately be reached by Reuters for comment outside regular U.S. business hours.Of the 15 analysts covering AIG stock, four have a "buy" rating, while 11 recommend their clients to hold the stock, according to Thomson Reuters I/B/E/S.U.S. government bailout of AIG at one point totaled $182.3 billion. The government's investment now stands at $51 billion -- the 77 percent of AIG's common stock held by the U.S. Treasury, and the remaining $9.3 billion in preferred interests in the AIA entity.