At AIG, not everyone loses in the subprime mortgage mess
June 16, 2008 :: Posted by Tony Ondrusek, Publisher
Filed under: Economy, Property-Casualty.
Tony Ondrusek, PublisherMartin Sullivan may be out of work, but he certainly is no poorer for his recent firing.
AIG, the international insurance giant once headed by Maurice R. “Hank” Greenberg, recently let go of its CEO of three years following two of the largest quarterly losses the company has ever experienced.
The insurer places blame for the losses on poor performance in the subprime mortgage market. And of course, with Sullivan at the helm of AIG, he gets the axe.
It is said that money can’t buy happiness; but in the case of Sullivan, it can at least buy some consolation. He will receive a severance package in the neighborhood of $35 million to $50 million for doing a substandard job.
That, plus the unemployment assistance that he might sign up for, and Sullivan might not come out too badly.
This entry was posted on Monday, June 16th, 2008 at 12:13 pm and is filed under Economy, Property-Casualty. You can follow any responses to this entry through the RSS 2.0 feed. Responses are currently closed, but you can trackback from your own site.
June 16th, 2008 at 4:19 pm
[...] Tony Ondrusek, Publisher wrote an interesting post today on At AIG, not everyone loses in the subprime mortgage mess. Here’s a quick excerpt: [...]
June 18th, 2008 at 6:00 pm
What I am trying to figure out is…if Capitalism works so great, why are we taxpayers always bailing out these ‘big dogs’ and we ‘pups’ have to go under or pay our own way. These banks etal should lose their shirts if there business doesn’t do well, just like the rest of we middle class Americans! Don’t give the money to the corporations; give it to the employees and clients who suffer the real losses, not just their ‘profit’.
June 19th, 2008 at 2:39 pm
The very rich become more so,the poor become more so. The correction will come in the form of socialism which is extreme as well.