Sure, he was the best CEO in American history. But as those who watched his heroic struggle to repay taxpayers all of those billions while avoiding the occasional racist remark know that, above all, the man is a wordsmith. Now, he’ll compile those bon mots into book form, and he doesn’t really even care if you buy one; he’s doing just fine. Read more »
The AIG chief, whose greatest hits include “my balls are bigger than the government’s,” “The worst thing that will ever happen to him is when he and I meet in the room and I close the door,” and “women go wild when they walk [into my bathroom],” will officially bid his people adieu come September. Read more »
Benmosche, 69, earned a $6 million cash incentive, 50 percent more than his target, the New York-based insurer said yesterday in a regulatory filing…AIG revamped pay plans for executives last year to link compensation to performance after the end of restrictions tied to a U.S. government bailout. AIG repaid the rescue in 2012 and advanced 45 percent last year, beating the 30 percent gain of the Standard & Poor’s 500 Index. The plan “aligns the economic interests of our executives with the long-term interests of AIG and our shareholders,” the insurer said in the filing. Benmosche received a $2.3 million salary and $6.5 million in stock awards, bring his total compensation to $14.8 million, That’s 40 percent more than he earned a year earlier. [Bloomberg]
The uproar over bonuses “was intended to stir public anger, to get everybody out there with their pitch forks and their hangman nooses, and all that–sort of like what we did in the Deep South [decades ago]. And I think it was just as bad and just as wrong.” [MoneyBeat via DI]
Robert Benmosche is still putting the finishing touches on his commencement address of hope. Read more »
A while back I built a spreadsheet to do math about AIG, and it took me a long time and led to basically one short post with what I still think was a rather lovely blobby picture, so I’m just going to shamelessly reuse that spreadsheet with slight updates and be all OOH LOOK AN IRR:
So yeah: as the AIG bailout saga comes to its sort-of conclusion, we can sort of conclude that the government made a 5.6% return on its money. Assumptions etc. in the original post; the accounting profit ties out reasonably well, if you squint, with the Treasury’s official math.