Robert Benmosche: We Showed This World A Thing Or Two

Author:
Publish date:
Updated on

"Dear Colleagues," Robert Benmosche wrote in a memo to AIG employees today. "We come together as a company to celebrate in good times and we draw together in times of shared crisis. Today warrants a celebration like no other in AIG's history and places well in the past a crisis none of us will ever forget...Today the US Department of the Treasury has priced an offering of approximately 234.2 million shares of AIG common stock at a price to market of $32.50 per share. Upon the closing of this transaction, expected this Friday, Treasury will have sold the last of its remaining shares of AIG common stock, receiving proceeds of approximately $7.6 billion from the sale. The closing of this transaction will mark the full resolution of America's financial support of AIG...It is one of the most extraordinary - and what many believed to be the most unlikely-- turnarounds in American business history. And you did it...You did this. Every single man and woman at AIG did this remarkable thing. There is a saying in American life, there are no second acts. Well, take a bow, because today marks our second act." [Dealbook]

Related