What part of the deal with the devil do they not understand?
My first boss in this industry had a saying: “I’d like to buy him for what he’s worth and sell him for what he thinks he’s worth.”
So let me get this latest victim strategy straight. Due to gross and willful mismanagement, the sullied value of a once great name no longer commands an adequate price to fullfil their agreed to contract!?
Couldn’t agree more with sell, sell, sell but would add at whatever the currrent market price, tight credit or not, down to the last farthing.
In a hard insurance market, did AIG ever complain that their margins were too high? Or give their buyers a break because the buyers’ credit terms stunk?
Yes we are all screaming. You just dont hear it because the insurance journal only posts about AIG. I feel certain that if they posted an article about banks, the stock market or auto makers you would have the same response.
On a side note this is an insurance based site so I am slightly more upset with AIG since this is the industry I work in and it is making us all look bad
Wake up! OF COURSE we are all PO’d about any company receiveing bailout money but 1) the article is about AIG and 2)AIG by far received the most bailout money and is now considering asking for more. You definitely sound like you are drinking too much koolaid at the lunch-and-learns.
AIG simply thinks that their name is worth a lot when in truth their name takes away from the true worth of their assets. Most consumer no longer look up to AIG as one of the best companies – they look at AIG as a failure.
I work for the company you all continue to bash and you have no compassion. Do you want me to lose my job? I’m doing my best to continue on. Now that we have Government support, I got an opportunity to take a look at an account that had an expiring premium of 200K. I thought to myself…What would Uncle Sam do??? Then I quoted it for 70K and we got the account. I’m just trying to do my part.
I’ve got a brother who works for the UAW, that you people are also trying to take down. Are you looking for him to lose his job??? No compassion. You expect him to be able to not retire at 50 with a pension and healthcare for life? No compassion.
I’ve also got a sister that bought her home for 400K in Florida. Its worth 275K now, but is it her fault that her ARM is due and her payment is skyrocketing??? She should be able to stay in her home and have the Government help her out by reducing her principle. No compassion!
Its a good thing the Government is doing all of the above cause cold hearted people like you would let all of us fail. Why should we be responsible for our own actions? I knew Obama would save everything. You people should be ashamed.
Its time to run AIG off. No more money needs to go to them anymore. If the announced sales were for $10 or $20BLLN a pop then I could see how the debt is going to be repaid and how AIG moves forward as a viable entity. The biggest number I’ve seen tossed about so far is $9BLLN for Asia and less than $15BLLN all told. That to me doesn’t add up to $150BLLN. Stop throwing in good money after bad.
Tim, the point that most of us are making is that AIG has been biding risks for premiums that are not actuarily sound for quite some time. Basically, buying risks and gambling that they will be lucky. Just like the risk you recently wrote. $200K may have been the actuarily correct rate – not $70K. AIG has been doing cash flow underwriting too long and it has now caught up to them. The sad thing is that now it has caught up to them that they want the government to bail them out. The public is also beginning to understand what AIG has been doing. The fact that AIG continues these same practices is not acceptable.
Tim, I totally hear ya. I left my position at AIG several months ago, right before all this stuff happened and I’m eternally grateful that I did. I’m sure LOTS of people who are posting are AIG alums, I mean, who isn’t? I have LOTS of friends who are still at AIG. The thing I learned about AIG is that they don’t care about anyone but AIG. Bailout money isn’t going to save you–you are on a sinking ship. I do know people who were laid off–and this is in the insurance operations, not the financial services etc. The crazy thing is that the economy is so bad that many brokerages are doing layoffs. So really no one’s job is safe right now (in the insurance industry). My advice to you is find another job ASAP or start coming up with a backup plan. Believe me–AIG will keep telling you what you want to hear until they no longer have any use for you. More bailout money is not going to change the fact that AIG is going down down down. I feel major compassion for you and other employees, but I can’t let that change my opinion that AIG is a shady organization full of egomaniacs, and we are all better off without it.
Going Once, Going Twice, SOLD! The next item up for bid will be….
$500m down, $149,500,000 more to go.
Maybe they should hit up T.O. for some money
sell it all…let’s hope that you can truly pay it all off…. afterall, it’s my tax dollars i want back!
What part of the deal with the devil do they not understand?
My first boss in this industry had a saying: “I’d like to buy him for what he’s worth and sell him for what he thinks he’s worth.”
So let me get this latest victim strategy straight. Due to gross and willful mismanagement, the sullied value of a once great name no longer commands an adequate price to fullfil their agreed to contract!?
Couldn’t agree more with sell, sell, sell but would add at whatever the currrent market price, tight credit or not, down to the last farthing.
In a hard insurance market, did AIG ever complain that their margins were too high? Or give their buyers a break because the buyers’ credit terms stunk?
Time to eat it AIG shareholders.
Agreed. They need to bite it hard.
At 43 cents per share, I think they’ve bitten it hard. Now it’s time to swallow.
Are all you screaming at the other corporations that got bailed out with you tax dollars also?
Seems you are all very single minded
Yes! I am outraged! I am screaming about all the bailouts!
Me too. I’m mad as hell and I’m not going to take it anymore.
Believe it or not you forgot three zeroes.
Should be $149,500,000,000. Plus another $60,000,000,000 to make the total $210,000,000,000.
Yes we are all screaming. You just dont hear it because the insurance journal only posts about AIG. I feel certain that if they posted an article about banks, the stock market or auto makers you would have the same response.
On a side note this is an insurance based site so I am slightly more upset with AIG since this is the industry I work in and it is making us all look bad
Wake up! OF COURSE we are all PO’d about any company receiveing bailout money but 1) the article is about AIG and 2)AIG by far received the most bailout money and is now considering asking for more. You definitely sound like you are drinking too much koolaid at the lunch-and-learns.
AIG simply thinks that their name is worth a lot when in truth their name takes away from the true worth of their assets. Most consumer no longer look up to AIG as one of the best companies – they look at AIG as a failure.
I work for the company you all continue to bash and you have no compassion. Do you want me to lose my job? I’m doing my best to continue on. Now that we have Government support, I got an opportunity to take a look at an account that had an expiring premium of 200K. I thought to myself…What would Uncle Sam do??? Then I quoted it for 70K and we got the account. I’m just trying to do my part.
I’ve got a brother who works for the UAW, that you people are also trying to take down. Are you looking for him to lose his job??? No compassion. You expect him to be able to not retire at 50 with a pension and healthcare for life? No compassion.
I’ve also got a sister that bought her home for 400K in Florida. Its worth 275K now, but is it her fault that her ARM is due and her payment is skyrocketing??? She should be able to stay in her home and have the Government help her out by reducing her principle. No compassion!
Its a good thing the Government is doing all of the above cause cold hearted people like you would let all of us fail. Why should we be responsible for our own actions? I knew Obama would save everything. You people should be ashamed.
Tim
Its time to run AIG off. No more money needs to go to them anymore. If the announced sales were for $10 or $20BLLN a pop then I could see how the debt is going to be repaid and how AIG moves forward as a viable entity. The biggest number I’ve seen tossed about so far is $9BLLN for Asia and less than $15BLLN all told. That to me doesn’t add up to $150BLLN. Stop throwing in good money after bad.
Tim, the point that most of us are making is that AIG has been biding risks for premiums that are not actuarily sound for quite some time. Basically, buying risks and gambling that they will be lucky. Just like the risk you recently wrote. $200K may have been the actuarily correct rate – not $70K. AIG has been doing cash flow underwriting too long and it has now caught up to them. The sad thing is that now it has caught up to them that they want the government to bail them out. The public is also beginning to understand what AIG has been doing. The fact that AIG continues these same practices is not acceptable.
Tim, I totally hear ya. I left my position at AIG several months ago, right before all this stuff happened and I’m eternally grateful that I did. I’m sure LOTS of people who are posting are AIG alums, I mean, who isn’t? I have LOTS of friends who are still at AIG. The thing I learned about AIG is that they don’t care about anyone but AIG. Bailout money isn’t going to save you–you are on a sinking ship. I do know people who were laid off–and this is in the insurance operations, not the financial services etc. The crazy thing is that the economy is so bad that many brokerages are doing layoffs. So really no one’s job is safe right now (in the insurance industry). My advice to you is find another job ASAP or start coming up with a backup plan. Believe me–AIG will keep telling you what you want to hear until they no longer have any use for you. More bailout money is not going to change the fact that AIG is going down down down. I feel major compassion for you and other employees, but I can’t let that change my opinion that AIG is a shady organization full of egomaniacs, and we are all better off without it.