By now you'd think there were few embarrassments left for AIG to suffer. After close to $200 billion in bailout funds and multiple rounds of retention bonus battles, if AIG just so happened to be paying for a private gold course in Connecticut for its (remaining) senior executives, even they must have followed the lead of other golfing bailout ventures and sold the property.
The Morefar Back O'Beyond course, coincidentally opened in 1964 by the founder of the company that became AIG, continues to build on its legend. Given the bailout champions penchant for going big, the rumors that the sand traps were filled with expensive crushed granite and the course's ponds doubled as landing strips for client floatplanes certainly sound about right. But with all of Congress on their case AIG, must have learned their lesson by now. So, the question remains- who owns this AIG-associated golf course?
A club official who thought he was doing his part to keep the secret in place may have accidentally spilled the beans when he said "We're totally private, we don't advertise". One can only imagine the rage when Mad Max discovers that AIG is using taxpayer money for the upkeep on a private course they were forced to put up to as collateral for a (formerly) totally private firm that doesn't advertise. Lloyd, what are you shooting these days?
Posted by guest , Aug 17, 2009 4:05PM
AIG doesn't own the course. It is somehow connected with Starr Tech, which was spun out of AIG, but is not affiliated with them anymore (not sure if Starr Tech owns it outright or if Hank Greenberg owns it or something along those lines)
Posted by guest , Aug 17, 2009 4:08PM
it's officially time for me to double reverse myself
Posted by guest , Aug 17, 2009 4:14PM
gold course, Greg?
Posted by Riskybusiness , Aug 17, 2009 4:14PM
Hey Greg why don't you find another three day old article to comment on. I mean come on man. This was in the New York Times Magazine, which was delivered on Saturday.
I thought this site was called DealBreaker not Dealbroken.
Posted by guest , Aug 17, 2009 4:16PM
Anyone have an update on 1st year greenskeeper numbers?
Posted by guest , Aug 17, 2009 4:18PM
Greg, I'm going to tell all your neighbors you're a registered sex offender.
-Jeff Macke
Posted by guest , Aug 17, 2009 4:19PM
Dealbreaker's handicap is Greg.
Posted by guest , Aug 17, 2009 4:20PM
@4
WSJ had it 4.5 years back:
http://www.rmi.gsu.edu/rmi/faculty/klein/RMI_3500/Readings/Other/AIG_GolfCourse.htm
Posted by guest , Aug 17, 2009 4:20PM
Think of it this way...more time on the golf course means less time to structure and underprice boneheaded risk
Might just save the company
Posted by guest , Aug 17, 2009 4:22PM
@9 - As Paul Rudd says...'do less'
Posted by Anal_yst , Aug 17, 2009 4:23PM
@9 makes a very strong point.
Posted by Shakes23 , Aug 17, 2009 4:26PM
what's a gold course
Posted by guest , Aug 17, 2009 4:33PM
@12
A great idea, that's what.
-Donald Trump
Posted by guest , Aug 17, 2009 4:48PM
Shoulda back-linked to that Mulligan babe.
Posted by guest , Aug 17, 2009 5:19PM
Great reporting NYT; you're slandering a company alleging they own a golf course that they haven't owned since 2005. Think #1 is right - Starr owns it; they refused to give it back along with that stock...
Posted by guest , Aug 17, 2009 5:21PM
@15 you shut your mouth when i'm talking to you.
-andrew ross sorkin
Posted by guest , Aug 17, 2009 9:06PM
Why is Greg still posting his incomprehensible dribble? I thought we were done with him last week.
Posted by guest , Aug 18, 2009 8:34AM
how could you no find a relevant picture greg, HOW?
Posted by guest , Aug 18, 2009 9:19AM
ohhhhhh i wanna trade with somebody
i wanna feel the heat of the mar-kayyyy
ohhhhh i wanna trade with a party
with a party that does me