Perry Glasser

Reassured?

In Business, Economy, Finance, Wall Street on September 26, 2008 at 8:10 pm

Edward M. Liddy, Chairman, CEO and Buccaneer Extraordinaire of American Internationa Group (AIG), took a full-page ad in today’s Wall Street Journal . It’s a note addressed to customers, agents, brokers, advisors and other partners, thanking them for staying with AIG. Chairman Liddy’s letter contains the news, “Regulations ensure that the assets of our insurance companies are there to back up each policy.”
While we are happy to read that something is backing up AIG’s policies, alert readers will note that it sure ain’t AIG’s business practices, strong financial condition, or future growth prospects.
Ninety percent of AIG was nationalized by the US government last week, and we can only hope this isn’t the beginning of a double drowning–you know, when the lifesaver is dragged to the bottom in the embrace of the victim.
Readers will note that Chairman Liddy’s puny attempt to keep customers from jumping ship:

  • includes no apology to screwed shareholders;
  • omits any address to frightened employees;
  • omits any apology to employees facing ruin because they held AIG stock in their retirement funds;
  • adresses “partners.” Dollar$ translation: any schmuck unlucky enough to have given Chairman Liddy’s company any money;
  • pointedly omits any admission of guilt that AIG, a reinsurance company, exposed itself to high risk investments on Liddy’s watch;
  • omits any expression of gratitude to the American people whose “regulations” are saving his job–so far.

Let’s hope Chairman Liddy paid for this ad out of his own pocket….naaaah, who am I kidding?

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