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AIG CEO Ready to 'Take a Scalpel' to Reshape Insurer

National News • August 8, 2008
American International Group's Chief Executive Robert Willumstad will soon take the scalpel to the world's largest insurer -- and not a minute too soon for investors blindsided by mortgage losses ...

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Subject: RE: They Don't Understand The Monetary System??!!?

Posted On: August 11, 2008, 9:04 pm CDT
Posted By: dabear666
Comment:
Didn't the veteran AIG P&C insurance execs remember all the problems visited on the P&C industry in the 1980's when companies gave "the pen" to MGA's who did all the "underwriting" on business and then basically walked away witha commission while retaining none of the risk and leaving the companies whose paper had been used to suffer large losses?

Why did they put themselves in a position of being guarantors on obligations that were essentially generated through a similar commission driven underwriting/risk retention origination process.

If you can't learn from the past, you will repeat the same mistakes.
Subject Posted By Posted On
RE: RE: They Don't Understand The Monetary System??!!? Pud
Aug 11, 2008, 9:18 pm
RE: They Don't Understand The Monetary System??!!? dabear666
Aug 11, 2008, 9:04 pm
RE: Talks to Greenberg King Cobra
Aug 11, 2008, 5:28 pm
Cash Hogs Pud
Aug 9, 2008, 5:42 am
too proud nask
Aug 8, 2008, 6:27 pm
RE: Accountability ClaimsGirl
Aug 8, 2008, 2:40 pm
RE: Accountability Johnny on the Spot
Aug 8, 2008, 2:35 pm
Accountability Ron
Aug 8, 2008, 2:04 pm
They Don't Understand The Monetary System??!!? Frequency Kenneth
Aug 8, 2008, 1:31 pm
Talks to Greenberg Mongoose
Aug 8, 2008, 1:05 pm
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