"Bone-breaking expert" unfulfilled

Liddy is a good friend of former Treasury Secretary Henry Paulson. After the US government took over AIG, he served as chairman and CEO of AIG with a 1 dollar salary. 8 months later, at the end of last month, he formally tendered his resignation. During his tenure, AIG's "bonus Doors" and "holiday doors" scandals made him a target. He was questioned by the United States Congress and even received a death threat message. "This is the hardest job in American business," he said in an interview with "60 Minutes". Sometimes it scares me to deal with Congress. "Felix Salmon, a Reuters journalist, still remembers a little story told by a friend who worked for AIG (Filix Salmen): Last November, when Edward Liddy was just taking over the company, Sal's friend ran into the new boss near the company, and he shouted to Liddy, "Thank you for your willingness to clean up this mess!" Liddy turned around, patted the friend on the shoulder, smiled and replied: "Look up and live, everything will be fine."　　"A few months later, Liddy, the head of the AIG, was finally out of the way to revive AIG; he didn't want to wait until" Everything's okay "and he chose to turn away early. At the end of May, the front page of America's major newspapers covered the first African-American director of space, President Obama's new nomination. At this point, their business edition published another message: Liddy, AIG's chairman and chief executive, formally resigned after only 8 months in charge of the company, and he will resign after the board finds his successor. AIG's biggest shareholder is the U.S. government, represented by Mr Obama. "Liddy is not a perfect person, but he is definitely worthy of our respect." "The news, Salmen wrote in a blog. [Page] Four-year five CEO in September 2008, Liddy agreed to serve as Chairman and CEO of AIG with a 1-dollar salary, a move that caused a shock on Wall Street. "You will not find anyone willing to pay 1 dollars for the job," he said.　　"After announcing the resignation, Liddy said. "Sadly, he is telling the truth. The Wall Street Journal commented that "few people are willing to take over the loss of an insurance company, not to mention the fact that the CEO sitting in this position needs to accept not only the facts of their own pay shrinkage, but also the restrictive measures that the US government has for executive pay in the group."　　"Liddy has already started to retreat, earlier in an interview with an overseas media, he had said," I suggest the board to consider the Chairman and chief executive two positions separate ", and said that AIG to embark on the road to recovery" will likely take a few years. " For the successor, AIG has not officially released the candidates. But in an interview with the media, Liddy said the AIG group had "very strong candidates" inside,He said Paul Reynolds, head of AIG's restructuring division, was a "Paul Reno".　　To be sure, whoever succeeds, he will be the fifth CEO to replace the world's largest insurer in just four years. At present, AIG is being split into several parts for sale to raise as much money as possible to repay the U.S. government's aid payments. Under the leadership of Liddy, the framework for this strategic deployment has been largely completed.　　But it is clear that he is unwilling to stay for another two or three years until all these measures are completed.　　Along with Liddy, 3 members of the board, Harvard University Professor Feldstein, and their departure will make way for the U.S. government to nominate new directors. The sky-high bonuses scandal "Thank you for your cooperation, Mr. Liddy." "This March 18 18:45, after being questioned for 4.5 hours, Liddy finally released a routine" Thank you ". The exhausted U.S. House Capital Markets Committee's AIG hearing was finally over.　　Liddy's main part of the congressional hearing was whether AIG's 400 employees and executives could get a "retention employee bonus" of up to $165 million. The whole hearing was a lengthy process. In the meantime, the congressman's questions flooded in. Just 6 minutes after attending the hearing, Liddy simply threw away the prepared, hand-held testimony and began to answer the question directly. "These are not performance bonuses, but a retention bonus, a bonus for those who have revived AIG," he said.　　Liddy explained it over and over again. The uproar over the "bonus gate" ended with the United States Government's determination to "take all legal measures to recover the full bonuses". Although the bonuses were signed before Liddy took over AIG, they were directed at him from Congress and the media to the American people.　　Recalling the experience of a congressional inquiry three months ago, Liddy in a "60 minute" interview with "Fear". The "Bonus Gate" incident is not the only trouble Liddy has encountered since taking office. Shortly after he took office, AIG began applying for financial aid to the U.S. government.　　Liddy was "logically" put on a hat called "debt collection Ghost". Last September, AIG received 85 billion dollars in capital injections from the US federal government. After that, the government has been adding a number of additional aid funds.　　So far, AIG has received more than $182.5 billion trillion in aid from the U.S. government.　　On the fourth day after the U.S. government offered it the first 85 billion-dollar emergency loan, AIG organised an excellent insurance broker for a holiday in California State: manicure, cosmetic, massage and spending as much as $440,000 trillion-all of which, of course, was paid by the US government, the taxpayer. According to other data, in 2008, AIG awarded total bonuses to all employees as high as 454 millionThe dollar, which was 50 times times the number Liddy previously revealed. The spate of "holiday Doors" and "bonus gates" scandals have plunged AIG's public image into a liddy, and he has felt unprecedented pressure in his more than 30-year career. He even received a death threat message: "AIG executives and employees should be hanged by wire." "It's a bad job," says Robert Heins, an analyst at Bond research firm CreditSights, "and I'm not sure anyone really wants to get the job." With so much political baggage to bear, anyone who takes over the company will find it an extremely thankless task. "[Page] Mr Paulson's old friend, Liddy, has been the most media-talked-about identity of the former Treasury secretary, Paulson's old friend, since the day he took over AIG."　　5 years ago, when Mr Paulson was chairman and CEO of Goldman Sachs, it was he who recommended Liddy into Goldman's board of directors.　　Indeed, the 63-year-old Liddy is a "veteran" of the financial and insurance industry and enjoys the reputation of "bone-breaking experts" in the industry. The company was originally affiliated to Sears, a famous U.S. department store.　　In the 90 's, the company was forced to sell, and as chief financial Officer, Liddy was responsible for the break-up of the company at this stage, which accumulated considerable experience in asset sales. Liddy began as CEO of the largest private commercial insurer in the United States in 1999.　　Since then, Liddy has developed into the best managed insurance company in the United States, ranking second in the home and auto insurance industry and praised by the industry for its personal leadership and integrity. During his tenure, he led the company through the events and the impact of Hurricane Katrina in 2005.　　He resigned as chief executive in April 2006, retired as chairman of the company two years later and joined Clayton Dubilier &rice private equity firm.　　Liddy, a person familiar with the matter, said that during his tenure as chairman and CEO of the insurer, Liddy had Lipaizhongyi to transform the company's 6,400 insurance agents into independent contractors and the company no longer provided them with pensions and medical benefits. "He is an excellent financial strategist who is best at digesting a lot of financial data and then integrating it," said a colleague at good news. "That's why Mr Paulson chose him as the AIG helm," he said.　　Since the government took over AIG, as the head of the company, the number one task was to split and consolidate the company to repay the government's high interest loans. So, after less than five months of retirement from a good company, Liddy received a call from his old friend, Henry Paulson. "If someone calls you and asks, ' Can you help our country do something? ' ' I think most ordinary Americans would answer,Can。　　Liddy said that taking over AIG was responsible for its own country.　　10 days before announcing his resignation, he received an exclusive interview with the famous American TV show, "60 Minutes," which reveals the helplessness of "ambition is hard to pay".　　Liddy: "Dealing with Congress scares me." This is the toughest job in American business Q:aig What's the first task now? A: We are in an unprecedented situation, and it is also extremely difficult. The outrage and resentment of the American public about the government's huge bailout is perfectly understandable. Individuals cannot easily be "bailed out", and why would a company be able to get bail with taxpayers ' money? So I can totally understand their mood. My job is to sell some of the assets, pay off the loans and manage the company with a vision of sustainable development. AIG is now going to do its best to repay taxpayers and make money for them.　　To achieve our goals, we will sell a number of extraordinary businesses that have proven attractive to buyers.　　Q: Do you think you're doing the hardest job in American business?　　A: I'm sure it's the hardest job, and it's obvious.　　Q: The government is now the largest shareholder, so is your job more like a middleman or an executive? A: We have our shareholders, of whom the taxpayer owns a 79.9% stake in AIG, and I am responsible for them.　　Congress also often claims to be the owner of AIG, but if it does, as they say, it is their company, they will not try to attack AIG as soon as they get the chance.　　Q: Is there any government-sent personnel on this floor (Liddy office floor)? A: It's not on this floor. But I'm guessing there are about 40-50 government-dispatched people working in the building and the Federal Reserve building today, just a few blocks away, and they are responsible for the future of AIG. They will come to our board meetings, committee meetings, and various decision-making meetings and asset trading seminars that they all participate in.　　[Page] I sometimes feel afraid Q: What do you think when you take the job for 1 dollars a day? A: First, if someone calls you and asks, "Can you help our country do something?" "I think most ordinary Americans would answer," yes.　　"As for the symbolic 1-dollar salary, I know I have to make some tough choices, and I don't want people to question my character and integrity." Q: Although you have nothing to do with the decline of AIG, can you tell us what caused all this?　　What the hell happened? A:aig a departure from his core business. In the late 80, AIG set up the "AIG Financial products Division" (AIG FP), which was not insurance, but was dealing with some of the most complex financial derivatives, some of them similar to hedge funds, which built up a $2.7 trillion trillion portfolio in derivatives。 Like many Wall Street companies, AIG's financial products division has accumulated several times its solvency debt.　　As the stock market slumps and credit markets freeze, AIG is naturally pushed to the brink of collapse.　　Q: When you accept AIG, do you realize what you're about to face? A: In a way, I'm prepared, but in some ways I'm not fully aware of that. I know exactly how to rebuild a company because I have experience in this area. But the political issues, including how to deal with the Fed, the Treasury and Congress, are all new challenges.　　To be honest, I sometimes feel afraid.　　Q: Especially in Congress, right?　　A: Yes, especially with Congress. Q: In March this year, you were challenged in Congress by AIG's massive bonuses of more than $160 million trillion to executives who directly lead the company into trouble.　　But in fact the bonus was signed before you took office. A: It's really a painful experience. Imagine that more than 30 people surround you with a constant cynicism.　　What's even more sad is that they don't believe you are actually on your side and help them solve the problem together.　　Q: How long will you stay at AIG? A: When I entered the board, I didn't promise to stay for long. Now that our situation has stabilized, I do not need to wait until everything is better before leaving. But I want to make sure everything is on the right track, and then when the right person comes to take over, I can go home. Last year I retired from good deeds, just to have more time with my wife and family, and now I still have this wish.　　I'm looking forward to coming back to Chicago.　　AIG is not an island Q: What did your wife say about the days of death threats and congressional questioning? A: When I got home this weekend, my wife said in a lovely tone, "Where are these things in our retirement plans?" "She has always been very supportive of my work. No one was pointing a gun at my head to get me to take over the job, I volunteered to help the country.　　She knew things wouldn't always be that bad.　　Q: Did you know about the bad things that happened in the company before you arrived?　　A: No, I don't know at all.　　Q: Do you still want money from the government?　　A: We want to maintain the current situation.　　Q: Do you have confidence in the future of AIG? A: We are not an island, we have to rely on the whole economic environment and the trend of financial markets.　　But we have a whole set of plans, and in the next few years AIG will be strictly following the plan to repay the government.　　Q: What would you say if you wanted to introduce AIG to your grandson? A: In brief, I would say that this is a company made up of a number of senior insurers, but it also invests in hedge funds with extremely high risk factors. Because of the high risk of these funds, the company does not have enough capitalGold to take these risks, so once in a crisis, the company will suddenly collapse. 2009-06-25 Total No. 341