When I came to work in mutual provident, I have a friend who reported me. Roy was a real character. He had rules for life, and all of this made sense to some extent. When he claimed on why businesses and how we have done in the authoring section, said, "we are the good guys. We are to save the world for 0.25% assets plus postage and handling. "
I want to work with the good guys. This is my style, if I can achieve. Many are clearly out for personal enrichment, leaving aside the failure/do good to others.
Roddy Boyd is a good. If you read the stuff before in the newspapers/magazines in which he wrote, would benefit from the book of AIG.
This book has some real knowledge. Focuses on the years in which AIG stopped a single insurer, and became a player on the financial markets.
That being said, contains new data on m. r. Greenberg, particularly with regard to the years of war. I found it very insightful, and helped to understand why it was that it was not the boss. (I work at AIG 1989-1992). It was a tough man both war and business.
Boyd interview as many as we talk with him and excluding material which should not be confirmed by both parties. I thought that was a moral way to deal with information which has not yet publicly known.
The driving force behind the push to AIG financial services was the need for the income uncorrelated with the cycle insurance P and c. That also resulted in derivatives, securities trading, aircraft leasing business and expansion of domestic life, with the purchase of SunAmerica and General American (two mistakes through overpayment, in my opinion, and I know that this undertaking).
This extension took toll on AIG and as this could not be deployed useful organic more 15%, began to borrow money, both explicitly and implicitly, in order to lever to fall ROA (return on assets) to 15% ROE (return on equity).
Greenberg oversaw the expansion in financial services, although not the shameless risk taking after he was kicked. Also, the increasing debt implicit — most of which occurred on the clock. But those who followed the case were equals. That would not be able to manage what was unmanagable by lesser mortals. Martin Sullivan should have broken the company one day. This was the failure of. But anyone could manage Greenberg monstrosity. If it had remained there, I suspect that the company would have blown up in 2010-2015, which is a lot less. I think it was a mercy that he got kicked out.
When everything blew apart, nobody could catch the entire picture. Greenberg had gone. AIG was undermanaged. Nobody knew the whole story, and all the associations for subprime lending: hinging direct lending through its consumer finance arm, investments in insurance companies, insurance subsidiaries through guarantees, mortgages, subprime collateralized by securities lending to companies with domestic lifeand guarantees to AIG financial products.
The diversification effort is ultimately an exercise in concentration. Nothing grows on the sky. Large companies tend to rot from the inside, and this was the case for the Greenberg, AIG or not. I believe neither in Greenberg got game profits Wall Street, and eventually became too large for him. Of course, was too big for his successors.
This was a great book. I loved every minute reading this. I could not put it. Roddy is one of the "good guys" and for what is right. But this is fair. don't take someone to work unless undeniable proof. Therefore those who are suspect, but have no ironclad case against them stands, which is as it should be.
One more Note, this book had a really good balance in how we leave the main story to explain a concept, as well as the wider business world. It is the main focus should be given to AIG and explains how it fit into the broader picture.
Sophistry
The book is not yet available. I read an issue beforehand, and there were some minor errors that I expect that will eradicate when it goes to print.
Who will benefit from this Book:
Anyone who wants to learn more about AIG world benefit. This is the best book yet AIG crisis. Beyond this, readers who want to understand the complexity of the financial system, and how this led to the crisis will benefit, as AIG was a microcosm of the greater panic.
If you want to do, you can buy it here: fatal danger: A cautionary tale of AIG corporate suicide.
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