Ball point pen on the morning newsprint
AIG's stock price two years ago was 69.00 per share, one year ago it was 42.00. Liddy took over the helm in June of last year with the stock in the 30's. Later that year, while Lehman Brothers and other giants were going bankrupt, AIG was deemed too big to fail and received $85 billion in bailout money. A month later Liddy defended spending $440,000 of that money on a retreat at a luxurious California resort saying it was "standard practice in our industry" Today the stock is at 0.42 a share and AIG is receiving another 30 Billion in taxpayers dollars. What started as as a mortgage crisis is now a crisis in confidence. Since shinning a light on the "standard practices" of corporate America, investors have no confidence that this current crop of CEO's know the value of our hard earned dollars. Yesterday the Dow dropped below 7,000 for the first time in twelve years.