Hank Greenberg Still Can’t Sue The Government For That Time It Saved The Not-In-Need-Of-Saving-According-To-Hank-Greenberg AIGBy Jon Shazar
His and Snowflake’s hands are clean. Read more »
Let A Jury Decide Whether Hank Greenberg Is Fit To Still Be Running An Insurance Company (Into The Ground Or Otherwise)By Jon Shazar
Maurice “Hank” Greenberg, the former American International Group chief executive, has more than doubled the size of his class-action lawsuit against the United States over the insurer’s bailout to roughly $55.5 billion from $25 billion. In an amended complaint filed late Monday in the U.S. Court of Federal Claims, Greenberg’s Starr International Co said it is now seeking damages over Maiden Lane III LLC, a vehicle designed to rid banks of toxic debt underlying transactions with AIG. The claims are in addition to claims that Starr previously asserted over the government’s taking of a 79.9 percent stake in AIG in September 2008, which was eventually swapped for 562.9 million common shares. In the amended complaint, Starr said it is seeking to recover, on behalf of shareholders and the company, $23 billion over the government’s 79.9 percent stake, plus as much as $32.5 billion of collateral it said was given away through Maiden Lane III. It is also seeking unspecified damages related to AIG’s 1-for-20 reverse stock split in June 2009. [Reuters]
Consumers’ “better halves” will shell out the most on their partners, with the average person planning to spend $74.12 on their spouse or significant other, up from $68.98 last year. Additionally, consumers will spend and average of $25.25 on their children, parents or other family members and $6.92 on friends….the average person will spend about $4.52 on their pets. [WaPo, earlier]
For Valentine’s Day this year, Fortune put together a slideshow of various executives, analysts, fund managers, and disgraced AIG CEOs posing with their one true loves– their dogs. For the big names who missed the deadline to submit photos, fear not– this feature is clearly going to become an annual thing. For those already mentally directing a photoshoot of yourself and Jamie the Younger, maybe running down Park Ave or shooting hoops at the Garden, you might first consider looking to this year’s pioneering efforts for inspiration.
For instance, in addition to putting your love for each other on display, why not use the opportunity to showcase your credentials, as “Fortune All-Star Analyst” Mike Mayo does here? Read more »
We were going to spend some time making fun of the fact that the cost of the fight to seize Snowflake’s not-quite-a-billion-dollar inheritance from AIG’s Hank Greenberg is fast approaching the $120 million paid to AIG employees in Bonuses and other compensation earlier this year, except that latter figure has been revised upward just a bit in the interim- from $120 million to $454 million. Of course, this latest figure has little to do with the accursed AIG Financial Products division (AIGFP) anymore, instead representing “other forms of compensation across all of its businesses” as opposed to “what was paid to executives at the company’s headquarters and high-ranking officials at various AIG units.” But, seriously, what kind of fun is it to say “Quickly approaching the sums spent by AIG on “executives at the company’s headquarters and high-ranking officials at various AIG units”?
AIG’s Bonuses Inflate To $454m [The New York Post]