Last week, insurance giant American International Group, announced it has won approval from the US Federal Aviation Administration to fly drones. That means AIG could potentially speed up the process of cutting reimbursement checks to homeowners and businesses hurt by floods or hurricanes by getting to disaster-stricken towns in the US more quickly by deploying unmanned aerial vehicles. Continue reading… “Will your insurance company use drones to check up on you?”
Freddie Mac received $50.7 billion in government bailout funds
How much does the public value corporate leadership? Harris Interactive’s latest corporate reputation survey, which measures how Americans view some of the world’s largest companies, suggests that a firm’s brand is even more closely tied to its leadership than many would assume.
Oh feel the love
Like a lot of people, I read Wednesday’s New York Times editorial by former AIG Financial Products employee Jake DeSantis, whose resignation letter basically asks us all to reconsider our anger toward the poor overworked employees of his unit. Continue reading… “AIG Exec Whines About Public Anger”
Mommy, what’s a Ponzi scheme?
CNN’s Peter Wilkinson has been running the numbers on AIG’s record-smashing $62 billion quarterly loss, the largest corporate loss in history (AIG lost about $460,000 per minute in the last quarter). In addition to being sufficient to carpet an area the size of Baghdad in $1 bills, $62 billion is enough to:
1. It could pay off the combined national debts of China, Australia, Mexico and Ukraine, according to 2008 estimates by the CIA Factbook, and still have plenty left over for a good night out.
3. Britain’s Queen Elizabeth II might not be moving any time soon, but the money could buy 46 Buckingham Palaces, according to a 2008 estimate of its market value by the Daily Telegraph newspaper. And still leave some remaining to buy her weekend retreat, Windsor Castle.
Cutting through the crap…
Count on Warren E. Buffett to cut to the truth. Years ago, referring to reckless corporate debt, Buffett noted: “You never know who is swimming naked until the tide goes out.”