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Basically, he’s just starting ‘A.I.G. Two’ and raiding people out of ‘A.I.G. One


omagh
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Mo's back doing his thang.

 

Ex-A.I.G. Chief Is Back, Luring Talent From Rescued Firm

http://www.nytimes.com/2009/10/27/business/27aig.html?_r=1&em

While America generally loves stories of entrepreneurs making a comeback, Mr. Greenberg’s success may be at the expense of taxpayers. People who work in the industry say that if he is already luring A.I.G.’s people, he may soon be siphoning off its business and, therefore, its means to repay its debt to the government.  “To me, it’s just going to be a matter of time before the valuation of what he’s building is greater than the valuation of A.I.G.,” said Andrew J. Barile, an insurance consultant in Rancho Santa Fe, Calif.

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  • 2 weeks later...

http://www.businessweek.com/magazine/content/09_46/b4155015765109.htm?chan=magazine+channel_the+business+week

 

A New York Times story last week suggested that you are poaching talent from AIG and reconstructing the AIG model at your privately held firm, C.V. Starr. Is your intention to build a competitor to AIG?

No. Look, I'm building an insurance company and an investment company. We didn't poach anybody. We hired 13 people from AIG out of the 100,000-plus they have. We didn't poach them; they came to us. A lot of them had left AIG previously. I know one company in Switzerland that hired 130 people from AIG.

 

...

 

Treasury Secretary Tim Geithner was asked on Meet the Press on Nov. 1 if he would like to see AIG prosper. And he said: "I'd like it to be successful enough that the taxpayer can get out." After that, he said he didn't care what happened.

That's a really great statement, isn't it?

 

What's the government's goal here?

To liquidate the company and pay the taxpayer back. But the taxpayer will never be paid back by liquidating AIG. The only way to get paid back is to rebuild the company so it becomes viable again. Why was it decided AIG would be the sacrificial lamb?

 

Was it to save Goldman Sachs?

Maybe. But I think there's got to be a complete investigation of who did what and why.

 

-O

 

 

Ex-A.I.G. Chief Is Back, Luring Talent From Rescued Firm

http://www.nytimes.com/2009/10/27/business/27aig.html?_r=1&em

While America generally loves stories of entrepreneurs making a comeback, Mr. Greenberg’s success may be at the expense of taxpayers. People who work in the industry say that if he is already luring A.I.G.’s people, he may soon be siphoning off its business and, therefore, its means to repay its debt to the government.  “To me, it’s just going to be a matter of time before the valuation of what he’s building is greater than the valuation of A.I.G.,” said Andrew J. Barile, an insurance consultant in Rancho Santa Fe, Calif.

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