"Basically, he's just starting 'A.I.G. Two' and raiding people out of 'A.I.G. One."
--Douglas A. Love, an insurance executive whose company employs former AIG (AIG) talent. Love, speaking to The New York Times, was talking about Maurice "Hank" Greenberg, the 84-year-old former CEO of AIG who ws pushed out in an accounting scandal in 2005. Now the irrepressible octogenarian is using his hard-won billions in AIG stock to start a firm that will compete with the behemoth that he built and got bailed out by taxpayers last year.
"We are hearing, 'Trust us,' but we are not willing to let $180 billion go just on trust. We will question; we will inquire; we will verify."
-Rep. Edolphus Towns, D-N.Y., chairman of the House Oversight Committee, in a hearing with AIG (AIG) on Wednesday. The embattled insurance giant, which recieved a $180 billion-dollar bailout, claimed it had made "substantial" progress, but Congress wanted more proof. CEO Ed Liddy failed to MOREJessica Shambora, Writer-Reporter - May 13, 2009 6:21 PM ET
"I'm trying to save capitalism, while some people are trying to save a paycheck."
-- Connecticut Sentor Chris Dodd in a Fortune story by David Whitford, in next week's issue. The Democratic senator, who has served on the Senate Banking Committee since 1980 and is now its chairman, has long positioned himself as the champion of the consumer.
Dodd's position has placed him firmly at the center of every piece of legislation MOREJessica Shambora, Writer-Reporter - Mar 27, 2009 7:56 PM ET
"None of us should be cheated of our payments any more than a plumber should be cheated after he has fixed the pipes but a careless electrician causes a fire that burns down the house."
-- Jake DeSantis, an EVP in AIG's (AIG) financial products unit, in a resignation letter yesterday to AIG chief Ed Liddy. The letter, published in Wednesday's New York Times, is riveting. DeSantis tells Liddy that he'll MOREJessica Shambora, Writer-Reporter - Mar 25, 2009 6:31 PM ET
"It was distasteful to make these payments."
AIG (AIG) chief Ed Liddy, testifying today before a House Financial Services subcommittee. He was, of course, talking about the infamous $165 million in retention bonuses that the bailed-out conglomerate paid out to employees. Liddy—who took charge in September and is working for $1 a year and no bonus—told Congress that employees who took home more than $100,000 in bonuses have been asked to MOREPatricia Sellers - Mar 18, 2009 6:29 PM ET
I'm on vacation this week -- or I'm supposed to be! The blog world never sleeps, I guess, nor does learning while away. So I'll share with you a few things I'm learning here in Allentown, Pa.
Aside from plowing snow, I've been plowing through the invite list for next year's Fortune Most Powerful Women Summit. This, as you may know, is the annual powwow that accompanies the release of what MOREPatricia Sellers - Dec 23, 2008 2:16 PM ET
"Only if we have the freedom to fail will we have the freedom to succeed."
- U.S. Treasury Secretary Hank Paulson at the Fortune 500 Forum this afternoon. As Paulson opened Fortune's confab in Washington D.C. today, he noted that the global financial system must be fixed so that any failure of a single component in the system--such as, we might presume, AIG (AIG) or Lehman Brothers (LEHMQ)--doesn't threaten to bring down the MOREPatricia Sellers - Dec 1, 2008 6:15 PM ET
As the government commits more and more money to its multitudinous rescue efforts--of Bear Stearns, then AIG (AIG), then Citigroup (C) and its bank rivals, then Citigroup again, and now more money for Fannie Mae (FNM) and Freddie Mac (FRE)--we wonder: Where, oh where, will these bailouts end? In Detroit, with General Motors (GM), Ford (F)and Chrysler securing their desperately needed billions? Alas, the road to shore up capitalism will MOREPatricia Sellers - Nov 26, 2008 2:01 PM ET
"I think we've got fabulous capital markets in this country, and they get screwed up often enough to make them even more fabulous. I mean, you don't want a capital market that functions perfectly if you're in my business. "
--Warren Buffett, CEO of Berkshire Hathaway (BERK) and billionaire investor, to Fortune's Nicholas Varchaver in his cover story, "What Warren Thinks..." On Tuesday Goldman Sachs (GS) announced that it will receive MOREJessica Shambora, Writer-Reporter - Sep 24, 2008 7:22 PM ET
"Rather than trying to revise history afterward, I'm going to make it and get something done. It may not be perfect."
-- U.S. Treasury Secretary Hank Paulson, from Marc Guther's cover story, Paulson to the Rescue, in the current issue of Fortune. Paulson, the former CEO of Goldman Sachs (GS), helped broker a deal for JPMorgan Chase (JPM) to acquire Bear Stearns in March and orchestrated the bailout of Freddie Mac MOREJessica Shambora, Writer-Reporter - Sep 17, 2008 6:29 PM ET
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