Pants on fire

Government steps in again, bails out AIG with $85B – Yahoo! News

“No, I think it’s an unfair appraisal,” said Greenberg, who was replaced as CEO three years ago as part of an accounting probe. “You know, there are many things that contributed to this unfortunate episode. after I left the company, all the risk management procedures that we had in place were obviously dismantled. I can’t explain that. There’s a new board of directors. One should be asking that board of directors what they did and why.”

Greenberg said he has lost “my entire net worth. Literally, my entire net worth.’

Gotta say that “replaced as part of an accounting probe” is a remarkably polite way of saying “allowed to resign because he was in charge while the books were being cooked.” It takes a lot longer than three years to screw up this badly.

And if Greenberg has lost his entire net worth, he must be the stupidest ex-CEO on the planet. Putting all your capital in the company you work for is for chumps, and keeping it there after you leave is for people who make chumps look smart. Diversify.


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