Spitzer and AIG
It is beyond bizarre to see that Eliot Spitzer, as reported in the New York Times, is weighing in on the AIG controversy. Apparently he is now concerned about payments to counterparties.
Eliot Spitzer, and his confidante and Harvard roomie Jim Cramer, are more than anyone responsible for the demise of this formerly great U.S. based insurance giant. Spitzer wanted attention. He destroyed the securities firms research process and he destroyed any vulnerable company in sight. AIG was one of his targets.
He forced Maurice "Hank" Greenberg to resign. All charges have now been dropped as unsupportable. Anyone who has spent time with Greenberg knows that he had his hands on every aspect of that company. Ask him about the company books, he would bore you with his knowledge of every nook and cranny. Ask him about some obscure subsidiary, you could not surprise this man in any way. He could stand in front of hundreds of securities analysts and hold them in awe of his knowledge of his company.
Eliot Spitzer forced him out. In Greenberg's place came his Brit #2 Martin Sullivan. As an aside, in business there are often situations where strong managers have a #2 that is never meant to be #1. That was AIG's situation. All of the CDS losses that sunk this formerly well managed company came from a group of traders in London that Sullivan could have overseen.
Greenberg could have seen this. Spitzer was elected governor. Who cares whether he gets off on keeping his long socks on while having sex. He destroyed a great company, AIG, and an important industry that could have been more of a beacon for today's plight, the research business, and now he is giving out his opinions on the blog Slate.
No shame.
Eliot Spitzer, and his confidante and Harvard roomie Jim Cramer, are more than anyone responsible for the demise of this formerly great U.S. based insurance giant. Spitzer wanted attention. He destroyed the securities firms research process and he destroyed any vulnerable company in sight. AIG was one of his targets.
He forced Maurice "Hank" Greenberg to resign. All charges have now been dropped as unsupportable. Anyone who has spent time with Greenberg knows that he had his hands on every aspect of that company. Ask him about the company books, he would bore you with his knowledge of every nook and cranny. Ask him about some obscure subsidiary, you could not surprise this man in any way. He could stand in front of hundreds of securities analysts and hold them in awe of his knowledge of his company.
Eliot Spitzer forced him out. In Greenberg's place came his Brit #2 Martin Sullivan. As an aside, in business there are often situations where strong managers have a #2 that is never meant to be #1. That was AIG's situation. All of the CDS losses that sunk this formerly well managed company came from a group of traders in London that Sullivan could have overseen.
Greenberg could have seen this. Spitzer was elected governor. Who cares whether he gets off on keeping his long socks on while having sex. He destroyed a great company, AIG, and an important industry that could have been more of a beacon for today's plight, the research business, and now he is giving out his opinions on the blog Slate.
No shame.
posted by John Borden at 8:10 PM
0 Comments:
Post a Comment
<< Home