That paragon of tremendous arrogance and horrible corporate “empire-culture,” AIG, reported its first profit in a year and a half yesterday. Gasp! If I sound bitter it’s because AIG was one of the worst investment mistakes of my life. Why? Because the pompousness oozed from AIG – and overwhelmingly I steer clear of arrogance; yet, with AIG I did not. Consequently, I lost my shareholders a lot of money and myself, too. Still it’s good that the world’s largest insurer is finally making money again.
AIG’s CEO, Liddy, said that there were signs of stabilization across many business lines. However, he said the core insurance business has remaining challenges. I still own shares of AIG and am glad that the share price is finally recovering. Oh, and did I mention that you are a shareholder, too? The U.S. government owns 80% of AIG, so expect that refund check sometime soon. Yeah, right!
Anyhow, it’s clear that AIG is a leading indicator of stabilizing economic fortunes worldwide because the Company operates in damn near every country in the world. Whew, I know you’ll sleep easier tonight because of that.
I hope that each of you has a fab weekend. I have a guilty pleasure to confess – I am anxious for the new G.I. Joe movie to come out. Please forgive me, but I love Snake Eyes and Storm Shadow. Cool, with a K: Kool.
Jason
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