The man who built insurance giant American International Group Inc. from a startup to a global behemoth said he didn’t mismanage the company — but the government did.
In his first testimony since the government stepped in with the first of four bailouts for AIG, Greenberg told the House Oversight and Government Reform Committee Thursday that his leadership team had “nothing to do” with failures that so far have cost taxpayers more than $182 billion.
Yup, he had nothing whatsoever to do with the crisis that AIG faced. No matter that he ran the company from 1962 to 2005 and was instrumental in starting the company AIGFP which bought down AIG as a whole by giving the CEO Joseph Cassano complete backing of the AIG brand, financially and philosophically and now he says he had nothing to with the whole thing.
E.g., in his testimony he claims that AIGFP should have been “walled off” (whatever the hell that means), despite the fact that it was Greenberg himself who negotiated the profit sharing deal and along with the full AIG backing with Cassano.
This is basically a repeat of the episode of Enron and Kenneth Lay. I am not a psychologist or an academic who would understand why lust for money generates immoral bastards but the line between greed and the need for power/money is now erased in the financial sector.
Here is a very interesting article on the financial collapse.
Also, there are innocents who are now facing the brunt of public opinion even though they had nothing to do with the mess that has been created by the “financial wizards”.