Sometimes in the jungle the big silverback gorilla passes on. The rest of the band is confused at first, even threatened. But, they become stronger with the passing of the old boy. Our industry does not go kerplunk because AIG goes down. We will thrive and become stronger. AIG’s current client base will need servicing and expertise will be required, so the strong of the 116,000 employees will also thrive. Those who are replaceable can be found asking the rest of us who ate your dust if they can “super size” our order.
Such arrogance…this from the man who’s been caught red-handed NOT looking out for his insured’s best interest!
Ultimately, it is in his best interest, as well as the insurance industry that AIG survive. But, should tax payers foot the bill?
Recently(2mos ago) I heard Greenberg on POTUS 08 rant & rave about keeping the govt out of the way of businesses. He was insistent that the Fed leave private businesses to run unregulated!
Basically he is saying “Privatize Profits, but Socialize Losses!”
This organization is not a “National Treasure” to be protected and revered. This is a corporate giant that conducts business on its own terms with absolutely no regard to its “partners” or insureds. To claim that they are owed 90 days to give them time to clean up their act is preposterous!! This is an organization that has made mercenary decisions for completely profit-motivated management for years and everyone knows it!! Que sera sera…sing me a song and cry me a river of tears. My only concern is with the large number of employees who have come to depend on AIG for their weekly paychecks.
The “Hanks” of the world and the boards of directors that support them are the problem! Their nests are lined with gold from the parachutes that they vote for each other. Ethics have been throuwn out the window. The innocents are the employees and the customers.
If AIG was such a great, honest and moral company, then the CEO and board of directors would be stepping up and offering that they waive their paychecks for a year. But no. I agree with the rest of you. The only ones that will be hurt for awhile are the employees, but the customers will go to other carriers, they will grow and hire more employees. So it will be a wash in the end. Sad it has to go this route, but if it does, then it does. Also, mark my word, with all the government bailouts we’ve been seeing, this country will drown in it’s own debt. I vote Canada takes us over vs Mexico and definetly before China. I can’t write all those little symbol letters. :-)
Say what you will about Hank, this would not have happened with him at the reins.
I worked for Hank for 11 years and would again. He is a master chess player, with vision beyond the game board. How many people has AIG employed and provided a good income for, 40,000 a year…for how many years?
I’d consider saving the largest insurer in the world and an employer of 116,000 people to be in the nation interest. What do you think happens if they are forced to declare bankruptcy? Massive unemployment, continued deterioration in the equity market, loss of confidence in insurers and billions of uninsured exposures that no other company wil cover leading to an even deeper recession. AIG is seeking TIME and not a BAILOUT. This is not a shift of responsibility to the taxpayer. All of you sheep can keep drinking the political Kool Aid though if it tastes good.
I agree that AIG is a substantial player in the insurand business. However, it is not the responsibility of the tax payers to cover the inadequacy of the upper managment at company such as AIG. What happened at AIG is a national problem, it’s AIG’s problem. They do employ a great deal of people, and when all that business is lossed there are going to be plenty of insurance companies, intermediaries, and agencies that need help replacing all of it.
With the current capacity that exist in the insurance marketplace AIG going down will not be the end of the world.
Mabey this will be the wake up call we need to return to sound undewriting principals and pricing instead of unsound investment schemes.The Fed’s need to let them work it out on their own or let them fail some one will buy their assets worth buying.
Let us please remember that the Federal Reserve is NOT the federal government. They are the central bank of the US, but if they give a loan, it isn’t tax payer money or a bail-out.
Actually not an AIG employee, in no way connected, and a republican. I simply believe the world’s largest insurer has the assets and financial strength to come through this provided their credit rating can be preserved long enough for them to increase liquidity. I also believe the alternative, which is bankruptcy, will be much worse for the economy.
I concur 100% with Beranger. AIG is an international company, not a private investment bank that disregarded it’s own standards and perpetrated a fraud on the entire economy by building a house of cards. Instant gratification and the “tomorrow will take care of itself” attitude put good companies in a bind.
AIG’s demise will trigger a ripple effect felt around the world, not just in lower Manhattan. Where were the chief executives and Boards of Directors of the failed banks? A disaster like this doesn’t simply emerge overnight. I’m embarassed to be associated with American business. We allowed a bunch of punks MBA’s from the East coast fabricate a false economic model that just crashed.
I agree with CEO….as one who has sold AIG products and had to pull teeth to get a death claim paid….they are arrogant and out of control. Let’s watch for the bonuses if they happen to survive.
AIG has burned more honest insurance brokers than anyone else in the business. The only method you know they’ve received your claim notice is because you receive the denial letters. They are the single most reason for their own demise, so roast in your own juices, AIG.
Ok ; so you don’t like AIG or Greenberg. Lots of us can live with that !
And you do or don’t give a fat-rats-*** what happens to the 116,000 employees of the Co …-or the people who live off their income & purchases.
Fine.
But you DO care about what happens IF the whole operation tanks.
Yes ?
Well you better !
Because if that happens, the resultant wreckage in the insurance & financial marketplace, here and around the world, together with a further domino effect of ancillary failures, will make what we’ve seen thus far look like a grade school picnic !
AIG is as international as Lehman or any other company
Only more so; in view of the breadth of all their activities.
And their demise will HURT
It would be in the best interest of BOTH America AND the world economy if a rescue package tied together with a new management team ( and yes; with U.S. Government on-site observation)be realized as soon as possible
What does this do to all of us who have been waiting for the market to harden and get our business back from the standard markets?
We have been looking for all of these companies who have been buying our business for five years to suffer the consequences of their irresponsible underwriting.
So if these bozos just make their companies big enough, we never have a market correction? What does that do to the underwriting cycle of our business?
Sometimes in the jungle the big silverback gorilla passes on. The rest of the band is confused at first, even threatened. But, they become stronger with the passing of the old boy. Our industry does not go kerplunk because AIG goes down. We will thrive and become stronger. AIG’s current client base will need servicing and expertise will be required, so the strong of the 116,000 employees will also thrive. Those who are replaceable can be found asking the rest of us who ate your dust if they can “super size” our order.
Such arrogance…this from the man who’s been caught red-handed NOT looking out for his insured’s best interest!
Ultimately, it is in his best interest, as well as the insurance industry that AIG survive. But, should tax payers foot the bill?
Recently(2mos ago) I heard Greenberg on POTUS 08 rant & rave about keeping the govt out of the way of businesses. He was insistent that the Fed leave private businesses to run unregulated!
Basically he is saying “Privatize Profits, but Socialize Losses!”
This organization is not a “National Treasure” to be protected and revered. This is a corporate giant that conducts business on its own terms with absolutely no regard to its “partners” or insureds. To claim that they are owed 90 days to give them time to clean up their act is preposterous!! This is an organization that has made mercenary decisions for completely profit-motivated management for years and everyone knows it!! Que sera sera…sing me a song and cry me a river of tears. My only concern is with the large number of employees who have come to depend on AIG for their weekly paychecks.
The “Hanks” of the world and the boards of directors that support them are the problem! Their nests are lined with gold from the parachutes that they vote for each other. Ethics have been throuwn out the window. The innocents are the employees and the customers.
If AIG was such a great, honest and moral company, then the CEO and board of directors would be stepping up and offering that they waive their paychecks for a year. But no. I agree with the rest of you. The only ones that will be hurt for awhile are the employees, but the customers will go to other carriers, they will grow and hire more employees. So it will be a wash in the end. Sad it has to go this route, but if it does, then it does. Also, mark my word, with all the government bailouts we’ve been seeing, this country will drown in it’s own debt. I vote Canada takes us over vs Mexico and definetly before China. I can’t write all those little symbol letters. :-)
Say what you will about Hank, this would not have happened with him at the reins.
I worked for Hank for 11 years and would again. He is a master chess player, with vision beyond the game board. How many people has AIG employed and provided a good income for, 40,000 a year…for how many years?
I have done business with AIG, they are hard to deal with and very arrogant. It is sad but predicitable what has happened.
I’d consider saving the largest insurer in the world and an employer of 116,000 people to be in the nation interest. What do you think happens if they are forced to declare bankruptcy? Massive unemployment, continued deterioration in the equity market, loss of confidence in insurers and billions of uninsured exposures that no other company wil cover leading to an even deeper recession. AIG is seeking TIME and not a BAILOUT. This is not a shift of responsibility to the taxpayer. All of you sheep can keep drinking the political Kool Aid though if it tastes good.
I agree that AIG is a substantial player in the insurand business. However, it is not the responsibility of the tax payers to cover the inadequacy of the upper managment at company such as AIG. What happened at AIG is a national problem, it’s AIG’s problem. They do employ a great deal of people, and when all that business is lossed there are going to be plenty of insurance companies, intermediaries, and agencies that need help replacing all of it.
great Pam,
That and $80 Billon dollars solves everyhting.
Nice Pat,
We’ll keep drinking the Cool-aid….You’ll make a great social worker if your career at AIG doesent pan out !
With the current capacity that exist in the insurance marketplace AIG going down will not be the end of the world.
Mabey this will be the wake up call we need to return to sound undewriting principals and pricing instead of unsound investment schemes.The Fed’s need to let them work it out on their own or let them fail some one will buy their assets worth buying.
Let us please remember that the Federal Reserve is NOT the federal government. They are the central bank of the US, but if they give a loan, it isn’t tax payer money or a bail-out.
Actually not an AIG employee, in no way connected, and a republican. I simply believe the world’s largest insurer has the assets and financial strength to come through this provided their credit rating can be preserved long enough for them to increase liquidity. I also believe the alternative, which is bankruptcy, will be much worse for the economy.
I concur 100% with Beranger. AIG is an international company, not a private investment bank that disregarded it’s own standards and perpetrated a fraud on the entire economy by building a house of cards. Instant gratification and the “tomorrow will take care of itself” attitude put good companies in a bind.
AIG’s demise will trigger a ripple effect felt around the world, not just in lower Manhattan. Where were the chief executives and Boards of Directors of the failed banks? A disaster like this doesn’t simply emerge overnight. I’m embarassed to be associated with American business. We allowed a bunch of punks MBA’s from the East coast fabricate a false economic model that just crashed.
I agree with CEO….as one who has sold AIG products and had to pull teeth to get a death claim paid….they are arrogant and out of control. Let’s watch for the bonuses if they happen to survive.
AIG has burned more honest insurance brokers than anyone else in the business. The only method you know they’ve received your claim notice is because you receive the denial letters. They are the single most reason for their own demise, so roast in your own juices, AIG.
Ok ; so you don’t like AIG or Greenberg. Lots of us can live with that !
And you do or don’t give a fat-rats-*** what happens to the 116,000 employees of the Co …-or the people who live off their income & purchases.
Fine.
But you DO care about what happens IF the whole operation tanks.
Yes ?
Well you better !
Because if that happens, the resultant wreckage in the insurance & financial marketplace, here and around the world, together with a further domino effect of ancillary failures, will make what we’ve seen thus far look like a grade school picnic !
AIG is as international as Lehman or any other company
Only more so; in view of the breadth of all their activities.
And their demise will HURT
It would be in the best interest of BOTH America AND the world economy if a rescue package tied together with a new management team ( and yes; with U.S. Government on-site observation)be realized as soon as possible
What does this do to all of us who have been waiting for the market to harden and get our business back from the standard markets?
We have been looking for all of these companies who have been buying our business for five years to suffer the consequences of their irresponsible underwriting.
So if these bozos just make their companies big enough, we never have a market correction? What does that do to the underwriting cycle of our business?