Hank Greenberg, former emperor of AIG is going to be on CNBC.....AGAIN! Good Lord, Greenberg is becoming the TV financial news equivalent of "South-Side Johnny and the Asbury Jukes!". For those too young to remember, South-Side Johnny was a band that came out of Asbury Park New Jersey the same time as Bruce Springsteen. South-Side was good, but they were no E-Street band. Therefore, EVERY weekend you would hear about South-Side Johnny playing at a local venue until you got sick of hearing it!
He's on right now, saying the same crap about how we destroyed AIG and it was all Marty Sullivan's fault. I dare ANY of these bobble heads on CNBC to ask Hank about why he was pushed out of AIG in 2005! Hank will say that Eliot Spitzer was on a witch-hunt, etc, etc. I dare any of these weaklings to bring up the reinsurance scams that AIG was running for decades, scams in which people went to jail, all done under Hank Greenberg's leadership. Yesterday we wrote about The Institutional Risk Analyst's searing AIG: Before CDS There Was Reinsurance. What say ye to that Hank? How you managed to stay out of jail is probably due to the actions of your nemesis, Eliot Spitzer. Spitzer was so hungry for glory that nobody went to jail in his inquiries. They reached a settlement, paid a fine and moved on.
Hank is going on right now about how, "I didn't destroy the company, THEY did." Joe Cassano? "You can't just blame Cassano, where was the CEO?" Hank, you put Cassano in action. Before CDS, he was doing reinsurance deals that were designed to deceitfully inflate AIG's earnings, reserves and capital...along with the counterparties on these transactions. That was going on long before you left the building Hank. Oh, now he takes a shot at mark-to-market accounting. Sure Hank, it's all crazy mark-to-market accounting's fault too. I say, "Fair-value accounting is the last refuge of the financial scoundrel!" That goes for Steve Forbes too, who also seems to be on CNBC just about every day. He's like a parrot, "SQUAWK..mark-to-market bad...SQUAWK...fair-value good...SQUAWK!"
Thank God, he's done. Just in time for another 654,000 jobless claims. Ooof.