It was too painful to watch Marco Rubio debating on stage tonight at the Republican Presidential Debate and his repeated and robotic speech that “This fiction that Barack Obama doesn’t knows what he is doing. He knows exactly what he’s doing.” He sounded like a Teddy Ruxpin bear. The robotic quality of Rubio’s performance, however, has already launched parodies such as the RubioGlitch twitter account:
Peter Hancock, AIG CEO
Wednesday, 3 Feb 2016 | 12:07 PM ET
Last week, AIG announced aggressive actions to create a leaner, more profitable and focused insurer. Some have called for a three-way break-up of our business, stating there is no reason that AIG’s Life and Property & Casualty (P&C) operations should stay together.
There is no doubt that our industry is undergoing significant change. Insurance companies of tomorrow will look very different from today. However, a split-up of AIG in the near-term is not the right path. It would hurt our shareholders as well as our other stakeholders: our customers, regulators and employees.
Material amounts of value would be at risk as we would sacrifice the benefits of our valuable deferred tax assets, diversification benefits, diverse earnings streams and scale efficiencies including shared services. Over the next two years, our plan will return at least $25 billion of capital to our shareholders.
Size is not an end in itself. Since 2008, we have sold more than 50 businesses and other assets. We have eliminated approximately 300 of our top 1,400 positions. We will pursue an IPO of our mortgage insurer, United Guaranty. We are selling our broker-dealer network, the Advisor Group.
We’re making tough calls. Over the next two years, we will reduce firm-wide operating expenses by an additional $1.6 billion, which represents 14 percent of 2015 general operating expenses. We are reorganizing our business segments into nine “modules” that each have end-to-end responsibility and accountability, and provide strategic flexibility in the future. Future divestitures are possible as we assess which assets are the most sustainable.
Posted in Uncategorized
Tagged AIG, TBTF
PORT ORANGE,Fla. —
The Port Orange family who called Action 9 after their home was sold at an HOA foreclosure auction won’t be kicked out after all.
They lost their home after failing to pay just $1,900 in association fees.
The couple’s attorney had filed a motion to vacate the sale as a long shot.
But after Action 9’s story aired, the HOA and the new buyers offered to settle outside the courtroom.
“It’s not right, it’s disgusting, it’s not right,” said Katelyn Annis.
Two days after our story aired there was a dramatic turnaround for Annis and her family.
The investors who bought their Port Orange home at the HOA foreclosure auction is now willing to sell it back to them for $15,000.