Download Good for the Money: My Fight to Pay Back America by Bob Benmosche PDF

By Bob Benmosche

In 2009, on the height of the monetary drawback, AIG - the yank coverage behemoth - used to be sinking quick. It used to be the peg upon which the kingdom hung its ire and resentment throughout the monetary trouble: the top of Wall road vanity and greed. while Bob Benmosche climbed aboard as CEO, it was once generally assumed that he might move down along with his send. In mere months, he became issues round, pulling AIG from the edge of monetary cave in and restoring its profitability. earlier than 3 years have been up, AIG had totally repaid its outstanding debt to the U.S. executive - with interest.

Good for the money is an unyielding leader's memoir of a profession spent solving businesses via considerate, unconventional method. along with his brash, no-holds-barred method of the activity, Benmosche restored AIG's worker morale and reliable identify. His is a tale of perseverance, advised with fresh irreverence in unpretentious terms.

Called "an American hero" through Andrew Ross Sorkin, writer of Too tremendous to Fail, Benmosche was once a self-made guy who by no means forgot what existence is like for the nation's 99-percent; repeatedly, he driven again opposed to obstinate colleagues to salvage American jobs and undefined. Good for the Money offers you a front-row seat for Benmosche's heated battles with significant gamers from Geithner to Obama to Cuomo, and provides incomparable classes in management from the mythical CEO who replaced the way in which Wall highway does business.

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Extra resources for Good for the Money: My Fight to Pay Back America

Example text

And it’s time that the people in Congress stop talking about you as the problem. ” The attacks on AIG had gone beyond angry rhetoric to outright threats. The children of some workers in Connecticut were beaten up at school and some employees were being harassed online and confronted in person. I needed them to hear me loud and clear on the issue that is—let’s face it—foremost in the mind of every worker, everywhere. ” I also referred to the divestiture plan that had been worked out by departing CEO Liddy and his restructuring expert, Paula Reynolds, a plan I had absolutely no intention of following.

I would be CEO No. 5 in that line. Lucky me. Sure, I knew that wading into this situation would be messy. I just hadn’t fully calculated the magnitude of the mess. In fact, on Monday, August 3, 2009, my very first day in AIG’s offices in Manhattan’s Financial District, the groundwork was being laid for an attempt at neutering my leadership. I would soon find that a powerful faction within the company was opposed to the direction in which I planned to take it. Hanging in the balance was the fate of what was then the world’s largest insurance company, a firm with a trillion dollars in assets and dealings in 130 nations.

I don’t know why you want me,” I said to Summers. “I don’t think you guys can handle what needs to be done. ” Summers assured me that in the end Geithner’s reservations would not be an obstacle. I was “the guy”—a sentiment echoed by Feinberg, best known as the special master of the September 11th Victim Compensation Fund, and who had been named special master (or “pay czar”) for executive compensation under TARP. In that capacity, he would have to approve any salary I received from AIG—and unlike Liddy, I had no intention of being an unpaid volunteer.

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