AIG executives, in their first conference call with Wall Street analysts in two years, sounded a cautiously optimistic tone as they mapped out the company’s future and explained its weak fourth-quarter operating results…When asked about the market position of AIG’s property and casualty business, now known as Chartis, which a Goldman Sachs analyst described on the call as being “the 800-pound gorilla” of the industry before the financial crisis, Mr. Benmosche quipped: “I would say we are about 780 pounds, and on our way back.” [WSJ]
When a group of Duke University lacrosse students were wrongfully accused of sexually assaulting a stripper a few years back, did you watch from the sidelines, wracking your brain as to how you could somehow get in on the action? You probably didn’t want to be one of the main players but when the story came up in conversation you didn’t want to comment as simply someone who’d read about it. A bit role was all you needed- just enough to speak authoritatively, like an insider, and/or to assure a mention in the closing credits of some sort of made for TV movie. If you’re taxpaying citizen of the United States, today’s your lucky day. Read more »
“Longer-term, AIG shouldn’t exist,” Golub said in an interview airing today on Bloomberg Television’s “In the Loop with Betty Liu.” [Bloomberg]
American International Group today announced that Sid Sankaran will join AIG as Senior Vice President, Chief Risk Officer. Read more »
Something you’ve probably picked up on over the last year or so is that Robert Benmosche? Is no one’s bitch. Not the market’s bitch, not Treasury’s bitch, not Andrew Cuomo’s bitch, and definitely not cancer’s bitch. At times when others would’ve rolled over and taken it, ‘Mosche told them where they could go. So it should come as no surprise that in the face of the unfortunate news of his illness, Benmosche has not only pledged to keep at it with the insurer, but not let a little c-word sideline him when it comes to keeping fit. He covered this and other topics in a memo to employees this morning. Read more »
Earlier this week, Troubled Asset Relief Program’s inspector general Neil Barofsky issued a report noting that the Treasury’s estimate that it will lose $5 billion on its AIG TARP investment “represents a dramatic shift from the $45 billion loss that Treasury had projected in its AIG investment just six months earlier.” Barofsky went on to say that “while AIG’s fortune may have indeed improved during the course of those six months, there is a serious question over how much of this decrease comes from a change in Treasury’s methodology for calculating the loss as opposed to AIG’s improved prospects.” Some people did not like that. This morning, the White House took it its blog to respond. These are its best moments, starting with the first line:
* Some people just don’t like movies with happy endings.
* How else to explain this week’s report by the Office of the Special Inspector General for the Troubled Asset Relief Program (SIGTARP)? Read more »
Say what you will about 70 Pine Street– the headquarters of AIG, the most majestic insurance company/hedge fund in all the land, but we’ve all had some good times there, whether directly or as the indirect beneficiaries of stuff that went down. It’s incredibly emotional even just to think about the fact that the company is moving out of the building but in times of great sadness like these, we must put on a brave face, celebrate, and pay homage. To that end, management is throwing a little party next week to mark the end of the era. Refreshments– presumably alcoholic in nature, as is fitting– will be served and while the invite doesn’t say, we’re just going to assume that reenactments of the “best of” moments will take place. Such as:
- The day Hank Greenberg signed off on AIG-FP and Joe Casanno saying by calling him “one of the greats”
- The earnings conference call in May of 2008 when they announced they were raising capital AND raising their dividend
- The time Goldman Sachs sent two dudes over in the middle of the night to shove Ed Liddy’s head in a toilet while the following dialogue took place:
GS Thug: Where’s the money, Liddy? Where’s the fucking money, shithead?
Liddy: It’s uh… uh… it’s down there somewhere, let me take another look. Read more »
No, just messing. He thinks it sucks, big time. Read more »