Benmosche Clears The Air

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Robert Benmosche realizes he may appear to be a bit high strung (or just a bit crazy) to some of you. So the AIG CEO wants you to decide which of two camps he fits into.

"You can characterize me as a goon or you can characterize me as somebody who is attempting to deal with a complex issue of a very demoralized employee force and said those things to them in confidence to reassure them that they no longer have to be afraid that they are going to be attacked again,"

But now the highlights from the pep talk are out in the open and BB needs to understand that he better make sure his private conversations are, in fact, private. He needs a source of inspiration to turn this PR nightmare around and it appears he may have found one- in the form of The Jimmy episode.

"If there is anybody critical of Bob it is Bob," he said, referring to himself in the third person. "And Bob has to recognize that when he is having private meetings, that occasionally somebody is going to want to tape it and allow the press to get things I said in private, and that's unfortunate. I have to be aware of that."

Bob is aware now.
AIG CEO regrets sharp criticism of Cuomo [Reuters]

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Rarefied Air

A few years ago I was fortunate to attend a lecture given by Paul Wilmott challenging the wisdom of modeling derivatives on the assumption that there is no arbitrage. He floated an alternative approach (as but one of many possible heterodox approaches) outlining the pitfalls therein – chiefly the difficulty of convincing investors to bear with you until your thesis proves out – and toward the end he took questions. Some brave soul asked him, “Where does the money come from?”