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tomorourke1

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  • Book Review: The AIG Story [View article]
    Great insight David -- what Hank often forgets is that Risk Management was largely absent until 2005 when Bob Lewis was elevated to build it from scratch. No risk appetite limits, no enterprise monitoring of risk accumulations and most importantly, no one to tell Hank No! Bitter people often write books with the benefit of 20/20 but this one was also quite vitriolic. Lastly, on the bailout -- the FRB could have stepped in as the counterparty on the positions AIG insured, could have taken all the high quality collateral it wanted and we would have seen an orderly resolution of this problem. Unfortunately, financial crisis thinking is often clouded by anger, incomplete information and the fog of war.
    Jun 19, 2013. 02:10 PM | Likes Like |Link to Comment
  • Chart Of The Day, AIG Edition [View article]
    I would love to see the quotes from all of the "self defined" experts who promised that this would cost the U.S. billions. I guess they are now on to some other canard. Congratulations AIG -- your intrinsic value was always there.
    Oct 26, 2012. 11:32 AM | 2 Likes Like |Link to Comment
  • Book Review: 'Fatal Risk - A Cautionary Tale of AIG's Corporate Suicide' [View article]
    Rick -- you nailed it -- AIG did not start to de-risk until Hank was shown the door. Obviously it was too little and too late but with him at the helm I would have expected a higher concentration in subprime because of his demanding ROE targets on all business units. I am very happy that the true and balanced AIG story is finally coming out. It was a shame that your colleagues gave Eric Dinallo so much air time back in late 2008 to scapegoat AIGFP for all of the ills then besetting the financial markets. I realize that you are on an island of sanity in an ocean of knee jerk reactionaries but I would expect that apostates like Dinallo would be more vigorously challenged in the future.
    Feb 19, 2011. 12:43 PM | 1 Like Like |Link to Comment
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