Thread regarding AIG (American Intl Group Inc.) layoffs

AIG starts $500M accelerated share repurchase

Dear Employees,

You should be extremely proud of what your executives have accomplished over the last three years. We have led this company to very mediocre results despite Draconian style cuts across the company. Unfortunately, the analysts see through our meager 4th quarter earnings and our stock has continued to spiral out of control. AIG is at $45 per share. This could have a very negative impact on my bonus and the LTI of the top executives.

Due to this development, the rifs to non-execs will continues as long as AIG exists, we will outsource as much work as possible to foreign countries and your career advancement is essentially non-existent unless you are friends with myself or Peter. We will also use $500,000,000 to artificially prop up the stock price rather than invest this money into making AIG viable. These measures may be hard to accept, but it is necessary if I am to receive my $100,000,0000 retirement bonus.

I forgot to mention that we are positioning AIG to be the global insurance leader, blah, blah, blah. Go AIG 200 or whatever. Just get me my bonus.

Sincerely, BD

by Anonymous
| 1730 views | | 7 replies (last ) | Reply
Post ID: @OP+13HuePfa
Comment! It's anonymous!

7 replies (most recent on top)

$43.4 as of today, come on aig you can do it, new 52 week low! whoopidy doo, no bonus for BD!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

by below pay grade 25 employee
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Post ID: @2fkn+13HuePfa

1bar+13HuePfa, try reading the wsj more than once a year. The srock dropped innediately after earnings call, before the virus impacted the market.
Must be from an HR person monitoring the site.

by Anonymous
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Post ID: @1vwc+13HuePfa

Does it seem responsible to blow $500 million in capital during a time of market stress, with looming business interruption claims from coronavirus?

by Anonymous
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Post ID: @1nwc+13HuePfa

below $45 today, nothing to see here people. i'm sure its the coronavirus scare and has nothing to do with aig?

by Anonymous
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Post ID: @1bar+13HuePfa

i may be mistaken but i remember bd's speech when he first arrived about a 3 year plan to prosperity spearheaded by the year of the underwriter. after 3 years we would see combined ratios in the low 80s and we would rule the insurance world.

now 3 years later he is asking for 3 more years and $1.3B to make this happen? what? do we even have a board of director anymore or are they lining their pockets as well? I can't imagine another company of this size that would have such low standards and an utter lack of oversight.

the sad reality is that we were in better shape when hancock was ceo and he was probably one of the worst ceo's in history...…………..

by Anonymous
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Post ID: @qus+13HuePfa

"Unfortunately, the analysts see through our meager 4th quarter earnings and our stock has continued to spiral out of control. AIG is at $45 per share"

I feel the above statement is why the 500M buy back is occurring. Buy backs are not always a bad thing...but....with AIG, we know US jobs getting moved overseas will continue no matter how much they polish this old leaking ship. INS AIG? LoL.....lets see if anyone gets that....

by Anonymous
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Post ID: @kzm+13HuePfa

Well said. Only part you left out is the bonanza Accenture is getting for telling these overpaid so called leaders what to do, as they obviously haven't been weaned yet. Yes, the baby reference is intentional. Guess I will go interview another TAP candidate now. Lol.
The only thing. AIG will lead in is having the highest paid leaders performing lower than any of their peers.

by Anonymous
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Post ID: @pwx+13HuePfa

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