Word: aig
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...Liddy, the former head of Allstate who joined AIG (AIG) as chairman and chief executive officer in September quit today. He said he would stay on until the company found a replacement, or replacements, but his enthusiasm for an ongoing obligation to the insurance firm and the government bailout of AIG had vanished...
...Liddy came to the company at a time when it was close to being scuttled by losses from credit derivatives on its balance sheet. He came to work for $1. He had only been in the job for a few months when AIG posted a loss of more than $61 billion for the last quarter of 2008. The company was well on its way to taking in $180 billion in government money. In return, taxpayers got 80% of AIG and a few promissory notes that are not worth the paper that they are written on. (See pictures of the global...
...press has made the point time and time again that Liddy was not the architect of the financial decisions that brought AIG down. He was not involved with a single judgment that forced the company to its knees. He was simply a volunteer who took on an impossible job and was, in return, beaten like a red headed mule by Congress...
...AIG (AIG) is the best example of a company with a huge obligation to the government, one which is not likely to be relieved for years if it is relieved at all. Taxpayers have put $180 billion toward keeping AIG in business and have an 80% equity stake in return. AIG says it will not need more government money, but it lost $4.35 billion in the first quarter of this year and a breathtaking $61.7 billion in the final quarter of 2008. It is probable that the taxpayers will never get all of their money back, but AIG does have...
...Budget Committee, says Pelosi's kitchen cabinet, of which he is a member, is too small. "She would benefit from greater diversity of opinion," he says, adding that her small circle of confidants leaves her isolated and vulnerable to missteps when unanticipated issues arise. In the wake of the AIG bonus scandal, for example, Pelosi and other leaders moved quickly to pass sweeping legislation to drastically tax executive compensation. Such a gesture might have done incredible damage to the market had cooler heads in the Administration and the Senate not prevailed...