If success breeds success...
What do you think this kind of crappy inbreeding results in?
(Bloomberg) -- American International Group Inc.
named Peter Hancock, described by a former employer as an
“architect” of the derivatives business, to oversee finance
and risk, including the insurer’s money-losing credit-default
Hancock spent 20 years at a predecessor to JPMorgan Chase &
Co., where he established the derivatives group and served as
chief financial officer, New York-based AIG said in a statement
today. Hancock, who most recently was vice chairman at KeyCorp
responsible for national banking, will report to AIG Chief
Executive Officer Robert Benmosche.
Hancock “is one of the people that basically developed the
credit-default swaps market at JPMorgan in the mid-1990s,” said
Ed Grebeck, CEO of Stamford, Connecticut-based debt-consulting
firm Tempus Advisors and an instructor at New York University on
derivatives. “Given that he was one of the pioneers, it’s
probably the first good appointment that any one of these
bailed-out firms has made.”
Those prankster shadow bank CEOs... They sure know where to put the right people to bury their body of crimes. What? You're not laughing??? You little people have no sense of humor. Maybe you'll like this joke a little more?
The former chief of Merrill Lynch John A Thain, has been appointed
as the chairman and CEO of US-based CIT Group, a leading American
lender for small and middle market companies.
Thain stepped from Merrill Lynch as chairman and CEO, following its sale to Bank of America.
Earlier, Thain served as CEO of the New York Stock Exchange and had
worked for more than 20 years with financial services major Goldman
Now, don't you worry your little people heads over this because you know Thain is highly qualified, right?
John Thain's swift departure as head of Bank of America's (BofA) Merrill Lynch unit after a 15-minute dustup with his boss, CEO Ken Lewis,
is a consequence of friction that occurs when conflicting business
maxims come into contact. And the fact that Thain must really love to
In business and government organizations, taking care of your own is
basic protocol. Following every merger — even a distressed one, and
Merrill was clearly the weaker entity — bosses on both sides start
building the trench lines to protect as many of their people as
possible. Are sacrifices made? Sure, that's expected, but you don't
give up your guys easily. (See the worst business deals of 2008.)
Thain played by that rule even though he was relatively new to
Merrill, having arrived 14 months ago from the New York Stock Exchange.
But he infuriated Lewis by paying out a couple of billion bucks in
bonuses before the deal had closed and before disclosing to Lewis that
Merrill was going to produce $15 billion in losses for the quarter.
Hey, he was just taking care of his people. What's the problem?
No doubt that all of these these financial CEOs would be perfectly qualified to shuffle the deck chairs on the Titanic.
But how can you not love the kind of guy that has shown a greater love for his own ass, more than even the love of and for his peers and the little people investors he was supposed to working for?
Spending $1.2 million of Merrill shareholder's money to redecorate
his office in early 2008, including $87,000 for an area rug, $28,000 on
curtains (shades of Kozlowski), 15,000 for a sofa, and $35,000 for a
"commode on legs," etc.