19 March 2009

"AIG = Arrogance, Incompetence, Greed"

The waves of public anger swept both the U.S. Senate and House of Representatives as AIG's excesses brought not only distaste but incredulity as the whole world watch how the Americans conduct their businesses in supposedly "complete transparency", how these corporate geniuses used the American taxpayers' money to make 73 overnight millionaires out of extremely greedy, extremely reckless traders who brought the world's biggest insurance company to its knees within a few short years.

It is akin to having 73 Nick Leesons in one company. Nick Leeson, Rogue Trader, lost more than a billion USD and bankrupted the hundred-year-old Barings Bank, whereas these traders probably lost a trillion $, a thousand times more. He went to jail and frankly, so should they!
And all of them are probably Brits! Who knows - they might have picked up a trick or two from Leeson's autobiography "Rogue Trader".

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