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?
Association of Golf Club With A.I.G. Still Rankles [NYT]
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)
it’s officially time for me to double reverse myself
gold course, Greg?
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.
Anyone have an update on 1st year greenskeeper numbers?
Greg, I’m going to tell all your neighbors you’re a registered sex offender.
-Jeff Macke
Dealbreaker’s handicap is Greg.
@4
WSJ had it 4.5 years back:
http://www.rmi.gsu.edu/rmi/faculty/klein/RMI_3500/Readings/Other/AIG_GolfCourse.htm
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
@9 – As Paul Rudd says…’do less’
@9 makes a very strong point.
what’s a gold course
@12
A great idea, that’s what.
-Donald Trump
Shoulda back-linked to that Mulligan babe.
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…
@15 you shut your mouth when i’m talking to you.
-andrew ross sorkin
Why is Greg still posting his incomprehensible dribble? I thought we were done with him last week.
how could you no find a relevant picture greg, HOW?
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