Robert Benmosche Expects Government To Be Out Of AIG’s Hair Soon, Taxpayers To Get Their Money At Some PointBy Bess Levin
“[Cassano] even went so far as to claim that he might have been able to help minimize the government’s bailout of AIG. Part of the money spent to save the company was funneled to more than a dozen banks that had taken out insurance contracts against AIG defaulting on its debt. “I think I would have negotiated a much better deal for taxpayers,” said Cassano, who left the company in March 2008 after the insurer reported more than $11 billion in losses within his division for the fourth quarter of 2007.” [CNN Money]
Joe Cassano, Most Selfless Individual In All The Land, Begged His Bosses At AIG To Let Him Not Take A BonusBy Bess Levin
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.
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 »
As you know, AIG’s fourth quarter results came in– not so good!. In any case, Bobby B. is happy and wants the world to know it. AIG reported a loss of $8.9 billion in the fourth quarter, which is an improvement from the $61.7 billion loss in the year-ago period. And this, my friends, is making Bobby “proud” and he wants to thank you. Yes you, all of you. He “appreciates the support of the people in this country.” Bobby is also very thankful to have such wonderful employees. Employees, who not only work at the most despised company, but who do so “with commitment and enthusiasm.” He’s “very impressed with their attitude and the willingness to roll up their sleeves and make things happen.”
Also, he’s got a plan.
Timmy G’s tormentor-in-chief Rep. Darrell Issa will get to the bottom of that whole AIG saga, believe you me. Issa sent yet another letter to Bernanke yesterday, asking him to turn over all Fed documents related to the AIG bailout and its credit-default counterparties. Apparently those 250,000 pages they already turned in don’t reveal anything and the document production is “incomplete and not in full compliance with the Committee’s subpoena.”