Word: execs
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Dates: during 2000-2009
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...package of increasingly toxic assets. In essence, it was underwriting systemic risk. This is the opposite of what insurance companies are supposed to do: diversify risk across the universe of policyholders. "One thing about the insurance model: it relies on diversification as its means to exist," says a top exec at an AIG competitor. "If an insurance company plays in a field where they underwrite systemic risk, that's a totally different experience." Is it ever. Insurance companies can handle catastrophic risk but not systemic risk. That's why you can buy hurricane insurance from private companies but not terrorism...
...government. Critics have been quick to note - and not favorably - the almost uncanny influence of former Goldman executives. Initial phases of the rescue were orchestrated by ex-Goldman chairman 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...
After Tim Robbins' character in 1992's The Player gets away with murdering a screenwriter in a Los Angeles alley, the frazzled Hollywood exec absconds with Greta Scacchi into southern California's empty desert. There, in the candlelight of a cloistered getaway motel, Scacchi asks her homicidal flame, "Do places like this really exist...
...house." Which should be fine; a big wheel need not fear a big mortgage. But this guy's one strike was moving from Florida, where the real estate market is so screwed up that judges in one county are hearing nearly 1,000 foreclosure cases a day. Mr. Exec was stuck with his old house too, and that one was dragging him down, down - until there was nothing left to do but pay a visit to the bankruptcy attorney. " I would bet a majority of people are only a few paychecks away from being in this office," says Brent Westbrook...
...Death By Leisure is spot-on in its details, though the British writer succeeds in making the city sound like the worst place in America, full of status-obsessed grifters like himself. Whether it's sneaking into Michael Jackson's Neverland Ranch or finagling his way into a studio exec bash, Ayres simultaneously spits on and revels in the all-consuming shallowness of his time and place: gargantuan SUV's, gated communities, multi-million dollar homes and hot-bodied ladies...