Word: aig
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...odds may be working in Greenberg's favor again. The reported recklessness and greed of his successors at AIG have overshadowed any wrongdoing he is alleged to have committed. Since AIG's collapse last September, sources tell TIME, Greenberg has worked with the Federal Reserve and Treasury Department on a plan to rebuild the company. And today, the 84-year-old tycoon is scheduled to appear as the star witness at a House Oversight Committee hearing on AIG's fall and its economic repercussions. A committee aide called him "an investigative asset" who can further understanding of what happened...
Greenberg is not likely to escape tough questions. It was Greenberg, after all, who supervised Joseph Cassano, chief of AIG's Financial Products (FP) unit, whose sales of uncollateralized credit-default swaps brought down the company. Representative Peter Welch, a Vermont Democrat and committee member, blamed Greenberg for "allowing a culture to develop that completely contradicted the insurance-company ethic of limiting risk." Greenberg, Welch said, is trying to redeem his reputation on the grounds that "he was out the door before the roof fell...
Greenberg is more eager to talk about the future. Instead of the government's plan to sell off parts of AIG, he believes the quickest way for taxpayers to recoup billions in federal bailout money is to rebuild the company. "Get AIG back so that it is a taxpayer and an employer again," he says...
Read "The AIG Bonuses: Getting Mad and Getting Even...
...follow,” said Vanderbilt associate controller Kevin R. Walker, who called criticism of Harvard’s December debt issuance unfair and said the current economic crisis is a black swan. “There was tremendous uncertainty [in the fall] with Bear Stearns, Lehman Brothers, and AIG, and I don’t think anybody knew what was going to happen.”John F. Flahive, a vice president at BNY Mellon Wealth Management, which purchased $10 million of Harvard’s tax-exempt bonds, said that he does not think the bonds?...