Aig Wikipedia Insurance
AIG: the worst and darkest
By James F. Cotter
In September 2008, American International Group – AIG – has received $ 85 million dollars in the biggest bailout of a private company in the history of the nation. Next week, AIG executives indulged in an amount of $ 444,000 at a retreat in California appears spas, golf, and banquets. Subsequently, the insurance giant received another $ 37,800,000,000 Federal Reserve (1).
In October 1917, the Associated Press reported that AIG executives spent $ 86.000 on a hunting trip in England. On November 10, ABC News reported that the company had spent another $ 343,000 on a trip to a resort in Phoenix. The report came shortly before another government bailout was negotiated ($ 40 million this time) (1).
Federal Reserve Chairman Ben Bernanke, testifying before the Senate Banking Committee early in March, said: "AIG exploded a huge gap in the regulatory system "and" irresponsible bets made and took huge losses. "(2) On top of that, AIG recently announced I was paying $ 165 million in bonds to retain the best in the Financial Products unit. The same high-level performers who led the company into the ground. There were 73 recipients of this generosity, 11 of which are no longer working at AIG. Of course AIG is using the word "retention" of a new form of hip that most dictionaries have yet to catch up.
Financial Products unit, incidentally, is the division that sold swaps Credit default. He says insurance consultant Andrew Barile, "They were selling an insurance product type whose name is not sure what was not regulated as insurance. Calling it a credit default swaps, which has invented a new product, but it is different from insurance. "(3)
Sen. Chuck Schumer of New York regards antics as "Alice in Wonderland business practices," and concludes: "disturbs the mind." (4)
AIG has received four government bailouts to date, a total of $ 182 million (5).
As editor of CNNMoney Paul R. Lamonica says: "The payment was $ 165 million in bonds people in a company that lost nearly $ 100 million last year, in the words of Woody Allen, "a parody of a parody of a farce of a parody of a parody two drills a farce. "(6)
But AIG is not the only villain in this drama disastrous. Other companies deserve their fair share of repulsion. Citigroup For its part, also plans to pay millions of dollars in bonds, at least some of them unearned. Institutional Clients Group the company lost 20 billion dollars last year. James Forese, who co-heads of that unit, is expected to receive $ 5 million over the next five years. At least fifteen other executives Citigroup also are scheduled to receive millions of dollars. Citigroup has refused to say how it intends to pay at all (7).
As The president said: "The American people will have difficulties, like me, to accept a situation in which a handful of … executives, whose pursuit of private power and profit exceeds their sense of public responsibility, can show such utter contempt "for the national interest (8).
No, not the president Obama. That was President Kennedy in April 1962 after the rise in prices-through the crucible steel companies.
How things change slightly.
REFERENCES
- 1. http://en.wikipedia.org/wiki/American_International_Group
- 2.http: / / www.washingtonpost.com/wpdyn/content/article/2009/03/03/AR2009030303810.html?hpid=topnews
- 3. http://cnnmoney.mobi/money/latest_news/latest_news/detail/133037/2
- 4. http://www.reuters.com/article/wtUSInvestingNews/idUKTRE52G4ZJ20090317?virtualBrandChannel=10112
- 5. http://news.yahoo.com/s/ap/20090320/ap_on_bi_ge/citigroup_bonuses_1
- 6. http://money.cnn.com/2009/03/17/markets/thebuzz/
- 7. http://www.time.com/time/business/article/0, 8599,1886778,00. html
- 8. http://www.trivia-library.com/a/united-states-and-american-history-early-1962.htm
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AIG’s ex-CEOs blamed for crisis: House panel chairman Rep. Henry Waxman says executives got undeserved riches, while ex-CEOs Robert Willumstad and Martin Sullivan blame accounting rules for leading to $85B bailout. Huge bonuses that they didn’t deserve.
