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Micromanagement

|Includes: American International Group Inc (AIG)

The Journal today reports that AIG Financial Products workers are well on their way to giving up $45 million in bonuses promised back to Kenneth Feinberg and the US Government.  Quoth the Journal:  "The company's CEO, Robert Benmosche, has told government officials he plans to recoup the remaining $5 million by reducing retention payments for former employees."  Benmosche should not be forced to be thinking about nor quoted in major papers about any particular $5 million.  He should be focusing his attention at a higher level than that, as the events of recent weeks have indicated that he generally has. 

The article goes on to obsess about this $5 million and how AIG is going to get it back.  Please.  AIG should ding its top 100 employees for $10,000 each for 5 years and move on.  This is a waste of time.

On another topic, aside from Benmosche, AIG's most valuable player right now may be Wayne Rooney of Manchester United.  All those AIG's on the chests of the world's most visible and popular sports franchise are redounding to the insurer's good, and Rooney's pluck and determination are hard to dislike, particularly by comparison with someone like Chelsea's John Terry, a prototypical lout on steroids.




Disclosure: Indices only