10 Things You Didn't Know About AIG CEO Edward Liddy
1. Edward M. Liddy was born Jan. 28, 1946, in New Brunswick, N.J.
2. Liddy graduated from Catholic University of America in 1968 and earned a master's degree in business administration from George Washington University in 1972.
3. He worked at Ford Motor Co. before joining G. D. Searle & Co. in 1981, when Donald Rumsfeld was CEO; in 1988, he joined Sears, Roebuck & Co.
4. Liddy oversaw Allstate's spinoff from Sears in 1995 and was named CEO of Allstate four years later. In 2005, Hurricanes Katrina, Rita, and Wilma cost the insurer more than $5 billion combined. Allstate quickly started an effort to scale back the coverage of homes in catastrophe-prone regions.
5. Just before Liddy took over as Allstate CEO, he told a meeting of about 200 managers that some of them would not be around in a year. Later, he ousted the finance chief and investment officers.
6. In September 2008, Treasury Secretary Henry Paulson chose Liddy to head American International Group. Five years earlier, when Paulson was running Goldman Sachs Group, he also selected Liddy to join that board.
7. In October 2008, just days after AIG received an emergency $85 billion loan from the government, about 70 executives spent a week at the St. Regis resort in Monarch Beach, Calif. The group ran up a bill that included $200,000 for rooms, $150,000 for meals, and $23,000 for the spa.
8. In November 2008, AIG froze executive salaries. Liddy agreed to an annual base salary of $1 in 2008 and 2009.
9. Liddy has served on the boards of Northwestern University and the Museum of Science and Industry in Chicago. He is also a life trustee and former national chairman of the Boys and Girls Clubs of America.
10. Liddy and his wife, Marcia, have three children.
Sources:
- Bloomberg
- Marketplace/American Public Radio
- Who's Who in America
- Washington Post
- New York Times
- Wall Street Journal
Reader Comments
Injured Contractors
Many Contractors were injured and/or killed in Iraq and Afghanistan. AIG is the major insurance carrier for those contractors. They have refused and continue to refuse to pay benefits to many of the contractors and/or their medical bills.
I would urge everyone to cancel any policy they may have with AIG. They will not take care of you unless and until the courts force them to, yet they can take lavish vacations and large bonuses with bailout money.
AIG
Although I don't like Mr Liddy he came in after the problems came to light.
I would like to question our government officials, ie; Nancy Pelosi and her $30,000 each way government G5 plane she has at her disposal, Barney Frank and his association to Fannie May and Freddie Mac the executive bonuses received by friends and lovers and Senator Cris Dodd and his sweethart mortgage deals. These three influential government employees are and have done far more harm to this economy than any business or CEO and by the way they are all Democrats. We need to build more prisons, especially for our "elected officials", and we should take away their pensions, wealth and influence over our country. We have really scraped the bottom of the barrel to come up with our government "leaders", reduce the size and scope of the federal government and get back to the constitution.
AIG
This story reminds me of the guy who found a rattlesnake, freezing in the cold weather. He takes the snake home, gets it warm, and in better health. The snake then bites the man, and as he is dying the snake says to him, what did you expect, I,m a snake.
These people taking this money, along with the expensive trips are doing what their life style presents to them. They live, work, travel and party in a different world that the world of average people.
If we could interview each one of these people, they would say, this is who I am, this is my life style, what did you expect.
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