Thursday, March 19, 2009

The Insider Scoop On AIG

A very rare glimpse into the real daily inside occurrences at AIG. And some very scary news for other (re)insurance companies. A must read for everyone and the Mainstream Media as well... If anyone has comparable insider stories please let Zero Hedge know.
Everyday the company posts a standard email updating every corporate employee on the finical standings and current outlook in specific sectors the company is involved in. The emails literally only speak of the good things that can come in those sectors and pass by the awful financial news. The emails are basically there to try and "fool" a company employee in believing that things arn't really that bad compared to what is coming out of the news networks. On the contrary things are much worse than the corp. news stations are getting their hands on. Since I work for a sister company of AIG we are closely tied into many of the financial /bail out dealings that AIG has sucked up from the Govt. so we too fall under those very closely watched guidelines. I work in a re-insurance firm (i honestly don't feel safe in naming it) where i would say that 60 - 70 % of our clients we received are through AIG. But ever since AIG has been getting even more bad reviews by the taxpayers (more than when AIG received the first bailout) out intake has dropped dramatically over 40% December.

And everyone at AIG KNOWS that it WILL file for Bankruptcy in the next 2-3 months after they sell off their subsidiaries. Just last week i had a meeting with a client in the AIG NYC office where people were acting like it was just another normal day. Even though i noticed little things that were different; tvs weren't tuned to CNN of CNBC rather turned to ESPN watching the upcoming NCAA tournament. Employees are told to act like normal, walk around with big smiles and never show any stress of the real world and media. Its just so sad to see so many hard working people who are just like you and me (other than the SVP and higher ups) just sitting around in their cubicals and offices knowing that soon enough they will be desperately looking for another job just to support their families.
Full link here (hat tip Yves Smith)

*** and yes, the source is reddit and could easily be total bs... so tread carefully... as you are buying stocks today... don't forget to buy stocks. Sphere: Related Content
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Anonymous said...

You're walking on the gray line with this post. Even if it's true, a post on reddit as your source?

Are you arb-ing AIG?

Anonymous said...

Tyler is this you or do you have a sub today? Uou missed it with this post. What's the point? Anecdotal evidence from an account rep at a competitor/partner of an AIG sub? I was at LEH and people continued to work and smile before and after the filing. You do what you have to do. Also, so what if "intake" is down 40%, we all know earnings at AIG will suck. THat's really not the driver here.

Leave this drivel to dealbreaker.

Max Leverage said...

Sorry, I've been following the financial meltdown for less than a year, and as an outsider with no hedge fund experience, and I could make up a story at least as detailed as that.

Someone inside the beast needs to step forward and blow the whistle. This is just trolling. Can't believe they hooked you and Yves Smith.

Anonymous said...

> If anyone has comparable insider stories please let Zero Hedge know.

T is just posting this as a fishing expedition

"Mindles H. Dreck" said...

Obviously Transatlantic Re, so the reticence about naming it strikes me as false.

Anonymous said...

God Bless and Help Amerika!
S.I. Fishgal wrote in "KOSHER HOOKS" (
"Amerikakers are fabulously rich, awfully wasteful and corrupt... (In case that Russian, Yiddish or German languages are not your forte, kaka and kaker mean feces and its appropriate derivative.)
...Amerikakers believe to and cram all, but understand zilch. The unabated consumerisms, incompetence, currency debasing and keeping up appearances indebt their offspring, enrich their enemies and turn capitalism to kaput-alism. Amerikakers are above Marx’s and Lenin’s teaching that such deeds ruined even Rome and will the US Empire of debt and “useful idiots” (Lenin’s term). They borrow money they do not have on the stuff they do not need. Yet, Amerikakers do not own their useless stuff. It owns them and is not loaded on a hearse anymore. It was quite liberating not to keep up appearances during the American Revolution. Then the troops lined worthless bills called shinplasters in the knee-length boots.
Amerikakers convert the capitalist society to the capital-less one and vote for the like corrupted nobodies, bigots, cranks, hustlers, and pulpit artists franchising race or faith into a fat living and political career. For the world revolution, Lenin, Trotsky, and, for the corrupted democracy, some US presidents ruined countries regardless of the people acceptance.
Since US universities develop one’s entire abilities, especially the idiocy, the educated idiots are most dangerous. An economist (let leave him nameless for his own sake) became a Nobel laureate for his math exercises on options, applied that in his hedge fund, and did not ruin the entire financial system just by accident. Of course, Sir Isaac Newton failed to gauge “the madness of the crowd” (his term) too, but he ruined fiscally only self and became famous not just for that.
Luckily, Roma (Mr. R. Karpfengal by then) was with those who took the other side of the highly educated idiots’ trade. God bless and help America, the country of best brightest politicians (i.e. masterly liars), incompetents, useful idiots, and great opportunities, especially for fraud!

Anonymous said...

impossible to believe what AIG has done