Word: ceo
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...rare interview, former CEO Greenberg, who is suing AIG and being sued by the company over financial-management issues, tells TIME that once the company lost its top credit rating, AIG FP should have stopped writing swaps and hedged, or reinsured, its existing ones. But Cassano's unit doubled down after the spring of 2005, writing more and more subprime-linked swaps as the ratings plunged, which made the possible need for collateral enormous in the event its debt was downgraded. The downgrades occurred in 2008. "Of course they were going to run out of money," says Greenberg. He adds...
...Hank Paulson, who was recruited as Treasury Secretary in part by former White House chief of staff and Goldman senior exec Josh Bolten. Goldman's current boss, Lloyd Blankfein, was invited to participate in meetings with the Fed. AIG's Liddy is a former Goldman director and an ex-CEO of Allstate. Another alum, Mark Patterson, once a Goldman lobbyist, serves as chief of staff at the Treasury, while Neel Kashkari, who runs TARP, was a Goldman vice president...
...starting point of the rally in the bank's shares is when its CEO said that it has made money in the first two months of the year. It could still lose $10 billion this month. The market seems willing to ignore that. (See the 25 people to blame for the financial crisis...
Perhaps the most important part of any analysis of Citi's future is that it is not out of the "toxic paper" woods, as much as Mr. Vikram Pandit, the company's CEO would have people think. According to Bloomberg, the IMF predicts that losses from U.S. loans and securitized assets will reach $2.2 billion. Only about half of that amount has been written off on bank balance sheets, and over the 60 days since the agency put out the figure, it has not been revised. (See pictures of the Top 10 scared traders...
Taking sex education seriously isn't easy. "There are so many ways young people get messages about sex--parents, friends, media," says Sarah Brown, CEO of the National Campaign to Prevent Teen and Un ed Pregnancy. "It's hard for people to get a grip on those factors, so instead they spend their time arguing about what's on page 128." But we can't afford to keep failing our children. This month the National Center for Health Statistics reported that teen birthrates rose in 2007 for the second year, after a 15-year drop...