From Farce to Insanity
The AIG story would be funny if AIG was not at the center of the financial crisis and if taxpayers were not fitting the bill for its recklessness. The story is getting worse. Yesterday, AIG posted a $61 billion fourth quarter loss, the largest in US history. Now Hank Greenberg, who ran AIG for nearly forty years with an iron first until his forced resignation in 2005, is suing AIG for fraud. Mr. Greenberg is out of touch and his brazenness verges on stupidity. He should lay low and start giving his billions to family members and charity. Felix Salmon has already suggested a clawback of Greenberg's billions, and the more the taxpayers have to pay for AIG's careless disregard for its actions, the more the clawback idea will gain traction.