I just happened to watch an interview of former AIG CEO Hank Greenberg on Cavuto and learned the following Hank Greenberg was a founding partner of AIG with over 35 years of service to the company which was the largest and most successful insurance company in the country. When he left the company in 2005 they had a AAA rating but as soon as Ed Liddy took over things went down hill and they quickly lost their AAA rating. As Hank said in nicer words "Liddy did not know his head from his ass!!" Liddy ran a domestic auto insurance agency and had no clue about running a global insurance company. AIG was the the most diversified and successful insurance company in history until this clown took over. In 1987 Greenburg created AIG Financial Products which turned out to be a huge asset for AIG, when Hank left the company in the first quarter of 2005 the company had made a 5 billion dollar profit!! After he left these clowns ran the business into the ground. According to Hank, Liddy and the Board of Directors had no clue as to what they were doing and were "not minding the store" Well I guess that is what happens when you have a bunch of incompetents with no experience running AIG. In the end Cavuto asked Hank if the company executives deserved bonuses and he replied " why should they be given money for loosing money" According to Hank he would not have give these clowns a plug penny!
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Welcome to the CreditCardsMadeSimple.com financial news blog and more. This blog was started to keep our readers informed. The more knowledge we can bring to our readers, the better informed they will be when making other decisions. We hope that you find this information useful and look forward to all your questions and comments.
Thursday, March 19, 2009