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AIG CEO Edward Liddy: Corporate profile
AIG Chairman and CEO Ed Liddy
AIG Corporate Profile
In 1919, young businessman Cornelius Vander Starr founded Asia Life Insurance in Shanghai, one of the earliest incarnations of American International Group. Twenty years later, Starr moved the company's headquarters to New York. In those two decades, the firm had established overseas offices in Japan, Germany and Latin America. Today, AIG companies are the largest underwriters of commercial and industrial insurance.
Maurice "Hank" Greenberg succeeded Starr as CEO in 1968. A year later, the company went public. Greenberg's reign ended in 2005, when he was forced to step down from his post amid an investigation by New York State Attorney General Eliot Spitzer. Martin Sullivan was named new CEO.
In June, Sullivan resigned in the midst of the subprime crisis. Robert Willumstad took over. In September, the Federal Reserve agreed to give the company a $85 billion bridge loan in exchange for a 79.9 percent stake in the company. Willumstad was ousted. AIG's board of directors tapped Edward Liddy as the new CEO.
Since the taxpayers own the majority of AIG, why are we not moving to right size this conglomerate to rid itself of very poor leaders and the products that has placed us in this mess? Merge every thing into a size and managable operations to get the taxpayers repaid. We need to move to get this done quickly and cut our losses. Also, we need to incur no further infusion of our dollars into a corporation, where all players must be told up front that in a downswing, economically all players should and will lose.Therefore NO Bonuses, or Vacations or parties,retreats and gifts.Why on earth would anyone want to retain such losers, where is management 101? Does not look to me that anyone is managing the place.
