TIME FOR AIG TO DIVORCE BENMOSCHE?
The insurance giant AIG has posted huge second quarter losses. Is it time for the company board to give Robert Benmosche the heave ho, aka divorce him? Or does the loss look worse than it really is?
“American International Group Inc., the insurer rescued by the U.S., posted a quarterly loss on costs from businesses identified as discontinued operations.The second-quarter net loss of $2.66 billion compares with a profit of $1.82 billion a year earlier, the New York-based firm said today in a regulatory filing.”
Apparently Wall Street is not that concerned about this. Somehow, even though there’s this big loss, Benmosche is still almost a deity on the street. His failures are really successes. It just depends on how you look at it, I guess.