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I didn’t do it!
Well I didn’t do it!
I didn’t do it either!
Go figure
IF THESE GUYS BACK PEDAL ANY FASTER THEY WILL BREAK THE SOUND BARRIER.
I have been feeling sorry for myself lately as my 401k tanks. But then I just think about poor old hank being the largest shareholder in a company that has collapsed. Poor guy.
That conniving scoundrel and his “What, I wasn’t there,,I didn’t know,,,Wasn’t me,,,What me worry” attitude has triggered more than just what we are watching on the tapes. The confidence in the whole monetary and finance system has been shaken to the core and we are yet to see what the total ramifications are to be.
I have a good idea where he should put his Remington for safe keeping.
It is Spitzer who was wrong. This never would have happened under Greenberg’s watch. We can thank Spitzer for the troubles at AIG.
It is well known that AIG’s culture has been to make your quarterly number or else. That “no excuses” culture leads to the type of risk taking that got them where they are now. AIG will get through this, but if the culture does not change, the next crisis may be their last.
Yeah, sure, blame it all on Spitzer…. Hank couldn’t have possibly been responsible for this, seeing as how he ran the company for so very long, until so very recently…
Did you actually read the story?
And I QUOTE:
“Greenberg was at the helm in 1987 when AIG Financial Products was born and in 1998 when it started getting involved in credit default swap insurance”
So, seeing as how CDS’s CAUSED AIG’S MELTDOWN (no debate there), and seeing as how HANK WAS CEO WHEN THEY INITIATED THE PRACTICE, it is extraordinarily difficult to come to the conclusion that he is not wholly responsible.
I feel no pity. He should be shown the inside of a jail cell, not pity.
Was the repeal of this act which seperated banks and insurance companies as much a cause of the whole mess as Clinton’s housing policies of the mid/late 90′s.
The downfall of AIG was in the Financial side. The insurance side was doing fine. And it’s next to impossible for me to believe that Hank didn’t have investments under control during his tenure. one of his comments I believe was something like, ‘you can’t put ivestments in a drawer and forget about them’.
I’m with a company that placed Fannie Mae Multifamily swaps with AIG up until 1997. None of these have ever defaulted. They never would do single family swaps because Mr. Greenberg would not approve them, mainly because of their LTV, over 80% and the minimum underwriting criteria forced on Fannie Mae by congress for moderate income loans. Greed forced Mr. Greenberg out because he wouldn’t change his way of doing business to make the board richer than they already were.
Danny I agree with you. I believe it was a combination of the repeal of the act, the promotion of subprime mortgages to fulfill the promise of ‘home ownership for everyone’, and the advent of unregulated/unreserved credit default swaps, lax accounting standards and exotic financial derivatives.