its clear when you step back and look at this 3 years into bd taking over that the plan was never to make aig the world insurance leader again. the dog and pony shows were great salesmanship, but the plan was gaining access to a great deal of capital with little oversight.
the first few months of bd's reign were laser focused on a few self serving projects. reinsure the book of business to preserve the needed capital, buy hamilton to secure a huge payday and hire pz and crew to actually run the company. if pz and crew could turn aig around, great. if not, great. bd gets paid either way.
now that bd is on the verge of retirement, he is just cleaning up the mess before he leaves with the loot. someone posted earlier that blackboard and the fine people working there are nothing more than sacrificial lambs.
this once respected company is now led by highly unethical crooks that sell out the people that could have potentially turned aig around. unfortunately, so much talent has been lost to rifs and resignations that an aig turnaround is now unlikely.
using ballpark math for bds payday, $110 million for Hamilton, $40 million for bd severance, $40 million first year bd salary plus the other salaries and stock incentives over the last few years, bd has acquired at least $250 to $300 million in his first 3 years at aig while the stock is down over 40% from 52 week highs. now bd hands aig200 to pz with a $1.3 billion dollars price tag and at least 3 more years of plunder.
whether or not this is legal is beyond me, but it would make a great episode of American Greed. the board of directors are either blind buffoons or they are lining their pockets as well. its probably safe to assume the latter.