AIG

His and Snowflake’s hands are clean. Read more »

  • 10 Jul 2013 at 1:55 PM

Keep This Delicate Flower Off The Witness Stand

He’s too gentle a soul to be subjected to the harsh interrogations of Hank Greenberg’s hired thugs/lawyers. Plus, he’s an open book: Read it. Read more »

Snowflake Greenberg may yet suffer the indignity of seeing his beloved master stripped, in his prime at 88, of his right to run public companies. Read more »

There’s an alternative theory of the 2007-2008 financial crisis in which it was just a minor hiccup that would have worked out fine for all concerned if the meddling U.S. government hadn’t been so trigger-happy in bailing out basically sound but momentarily embarrassed financial institutions.1 I mean, you probably won’t actually run into anyone who believes this theory, because it is a pretty loony theory. And yet! It keeps coming up in court, which I guess means the courts are full of loonies, QED.

Obviously Hank Greenberg is the most vocal and delightful proponent of this theory, since he’s been suing the government for ever and ever for taking over AIG when AIG actually would have been just fine with a little eleven-digit low-interest loan from the government. But Fannie Mae and Freddie Mac shareholders have come on strong of late, with weird lobbying for re-privatization of their shares and, now, a lawsuit filed yesterday seeking $41 billion in damages over their bailout.

The theory here should be familiar if you’ve been following along with AIG; it goes something like this: Read more »

They are just a weekend away from learning what exactly “systematically important” means in practical terms. Read more »

  • 14 May 2013 at 3:54 PM

‘STFU’ Is AIG CEO’s Advice To College Grads

Robert Benmosche is still putting the finishing touches on his commencement address of hope. Read more »

  • 08 Apr 2013 at 7:14 PM

Snowflake Greenberg’s Trust Fund At Risk

Insurer American International Group Inc has asked a court to block Maurice “Hank” Greenberg’s efforts to sue the U.S. government on AIG’s behalf, saying its former CEO has not proven he should have the right to do so. Earlier this year, AIG drew sharp criticism from members of Congress and an outraged public when the firm considered the possibility of joining Greenberg’s lawsuit, which challenges the terms of the insurer’s $182.3 billion bailout by the federal government in 2008. AIG said Greenberg had forced its hand in even deliberating the prospect, but that ultimately it did not want to sue anyway amid a public backlash. Absent AIG’s participation, Greenberg is pursuing a derivative claim, seeking to sue the U.S. government on AIG’s behalf over the terms of the $182.3 billion rescue. Greenberg and his company Starr International, which owned 12 percent of AIG before the rescue, are also suing the government directly.