Jim O'Sullivan

AIG Bailout Redux: The Perils of Open-Ended Liability

AIG was, and I hope will remain, a great insurer, with enormous reserves, and army of underwriters and claims professionals who are second to none in their ability to operate in the difficult and risky world of assuming the risks of people and business with efficiency, integrity and professionalism. AIG has been taken down, not by its army of outstanding workers, but by a small group of thieves in two little offices in Connecticut and London who had nothing to do with AIG's core operations. AIG's leadership was wrong to trust them, but we can say that only with the wisdom of hindsight.
Disclaimer: I am an AIG employee, so I hereby confess my bias. But I know what I'm talking about. And I'm tired of seeing our decades of hard work trashed by people who don't.