• 30 Sep 2010 at 5:41 PM

Hank Greenberg Loves The Treasury’s AIG Exit Plan

No, just messing. He thinks it sucks, big time. Read more »

Bobby Benmosche, celebrating the fact that he’s survived an entire year to the day at AIG, an achievement no one saw coming. [WSJ]

It pales in comparison to the insurer’s biggest news of the summer but exciting nonetheless. Read more »

Just trying to do the right thing.

But they said no, Joe, no. You, our adorable little Jon Lovitz lookalike, deserve this. We won’t have it any other way. You have done so much for this company! Letting you walk away without $315 million would be practically criminal. Would you like that in unmarked, non-consecutive twenties? Singles? Briefcase or g-string?

Joe Cassano’s Testimony
In November 2007, it became apparent that AIG-FP’s accounting losses would be substantial and would require a change to our compensation structure to ensure that employees stayed with the company to help it address the issues surrounding the AIG-FP portfolio, but also would not be immune to AIG-FP’s losses if they were actually realized. I had several discussions with my superiors at AIG about this change, emphasizing the need to recognize the accounting losses while also noting the importance of keeping our employees together during this critical time. For that reason, I suggested that AIG-FP adopt a special-incentive plan (”SIP”), which would place any compensation in excess of a set amount in a special deferred-compensation account. The funds in that account would remain subject to AIG-FP’s business performance and the risk of realization of the accounting losses.

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  • 18 Jun 2010 at 11:21 AM

AIG Reaches Incredible Milestone

The little CEO that could.

They said it couldn’t be done. They laughed when people suggested otherwise. They had good money riding on it, fact. They were wrong. And so today, we need to give a little credit where a little credit is due. A lot, in fact. Today, we need to give it up for AIG. Specifically, to the man at the top. Bobby “I’m gonna do unspeakable things to Andrew Cuomo” Benmosche, who’s achieved something so huge, it must be noted, and perhaps even toasted later today when his employees cut out early for 2for1′s. Have the taxpayers gotten their money back? No. Think bigger and wayyy more momentous. Read more »

Robert Benmosche has a vineyard in Croatia take care of and the finest bathroom fixtures money can buy. And it would be nice to tend to his grapes and enjoy some time on the can without having to worry about the company he’s been tasked with turning around, and the government breathing down his neck. He’s threatened to leave before and if he did now, people probably woudln’t give him too much shit, since it’s what every AIG CEO does anyway. Tradition and whatnot. But he’s promised his little workers that despite the fact that he honestly cannot take Ken Feinberg being such a god damn nag, and he’d be a lot happier just taking off, Daddy’s no deadbeat. Today he reaffirmed that commitment. Read more »

Today the Journal has a story examining the effects of absentee CEOs, particularly those running some of our nation’s shittiest bailed out companies. Though there is the argument that these firms will never learn to stand on their own feet unless we stop coddling them, some feel the absence of daddy chief execs hurts employee morale, and so on and so forth. What does AIG commander-in-chief Robert Benmosche have to say about that? Shove it up your ass. As previously stated by Bobby himself, he can do just as good a job remotely in Croatia, where he has grapes to tend to and the finest bathrooms money can buy to take advantage of as he can in lower Manhattan. Also? He’ll be damned if he’s gonna fork over extra money to the government when Ken Feinberg is already raping his employees blind. Read more »