John Bougearel

Oh Boy. Meet the new boss, not the same as the old boss that is for sure. The new boss returns fresh from two weeks paid vacation by US taxpayers shooting his mouth off. Liddy the old boss is out, and Robert Benmosche is the new boss.

Breakfast with Dave

“When we get the fair value for those businesses, that’s when we’re going to sell them; it’s not going to be before.”

Yours truly does not know who is going to pay FV for AIG’s subsidiaries. It simply does not follow that in this economy and with that distressed company beyond any hope of solvency can sell subs at FV. This new policy will be pushing on a string

Breakfast with Dave

“We believe we will be able to pay back the government and we hope we will be able to do something for our shareholders as well,”

Oh sure, here we go regurgitating the same old story line, “we believe we will pay back taxpayers.” Nothing new here, and in fact, it is a statement of belief, to swallow this hook line and sinker is no more than an article of faith. I can tell you this, taxpayers are short articles of faith from corrupt entities such as  AIG.   Breakfast with Dave

“It’s time the people in Congress stopped talking about you as the problem, because you’re the solution,” he said. “It’s not your fault, it’s their fault, it’s the regulators’ fault.”

Benmosche said this to pick up morale amongst AIG employees. But let’s not kid ourselves Robert, it takes two to tango or to cause a black hole  “accident” so big that it costs taxpayers $100’s of billions of dollars.  And word is on the street (Chris Whalen), the black hole is growing bigger, and is expected to swallow even more taxpayer dollars before year-end.

In short, Benmosche comes off being a bit disingenous on his first day back from vacation. This is consistent with “the times” we live in.  He is off to a roaring start! Expect to hear more from this lion.