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AIG’s Name Is So Strong, One Can Hardly Remember The Time It Had To Borrow $182 Billion Just To Stay In Business: Chairman

American International Group is benefiting from an improved reputation after the insurer finished repaying a $182.3 billion U.S. bailout a year ago, Chairman Steve Miller said. “We were the most disrespected brand name on the planet and now we have come back,” Miller said today in a Bloomberg Television interview with Stephanie Ruhle and Erik Schatzker at the World Economic Forum in Davos, Switzerland. “We’ve built a company with tremendous momentum and we’re going back on offense.” Under Chief Executive Officer Robert Benmosche, AIG has restored its name to its main units, resumed using it in television ads and struck deals to sponsor rugby teams in the U.S. and New Zealand. In 2009, then-CEO Edward Liddy said the name was “wounded and disgraced” by the company’s bailout, amid protests against the New York-based insurer and other financial firms. “If you go back four years, Goldman Sachs probably wouldn’t even have been sitting with me,” said Miller, who was interviewed alongside Goldman Sachs Group Inc. President Gary Cohn. “We were in deep trouble then.” [Bloomberg]

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5 Responses to “AIG’s Name Is So Strong, One Can Hardly Remember The Time It Had To Borrow $182 Billion Just To Stay In Business: Chairman”

  1. Bored Guest says:

    AIG, the sex offender of finance. Don't you have to register on a website for life with that scarlet letter?

  2. klhoughton says:

    “If you go back four years, Goldman Sachs probably wouldn’t even have been sitting with me,” said Miller, who was interviewed alongside Goldman Sachs Group Inc. President Gary Cohn. “We were in deep trouble then.”

    The Vampire Squid was, of course, in perfect shape, having become a BINO (Bank in Name Only) to access even cheaper funding than the government gave it outright (which was less than half what Warren Buffett charged Lloyd's Looters) and been paid $1.00 on the dollar by the U.S. taxpayer for its AIG dealings, despite that any reasonable risk-management procedures at the time would have told most AIGFP Counterparties that the entity with which they were dealing was undercapitalised.

  3. biglawinsecure says:

    you think this is terrible? imagine being facebook friends with someone proud at working at an AIG sub, talking like he's actually in finance. "Buyside strong!"

  4. Guest says:

    When you've won back American rugby fans, you've won back America. Wait, what?