Money and Finance
Found via Canadian Value Investor.
One day you may be lucky enough to rent "Bobby's Cabana," a well-appointed cottage on a lavish estate just north of Dubrovnik, Croatia. It's where the estate's owner, Bobby, really gets to be Bobby -- innkeeper, wine maker, cancer survivor, restructuring expert, and corporate chieftain. And it's from there that Robert Benmosche (pronounced BEN-mo-SHAY) lights up the phone lines for several weeks a year as the CEO of insurance behemoth American International Group (ticker: AIG).
- Incentives, Downsizing, And Value Creation At General Dynamics (august 1994 Paper)
This looks like an interesting paper, and it reminded me of THIS previous post/quote. Link to paper: Incentives, Downsizing, and Value Creation at General DynamicsIn 1991, defense contractor General Dynamics engaged a new management team which adopted...
- The Private Equity Wizardry Behind Realogy’s Comeback
Realogy, the operator of Century 21 and other real estate businesses, is the Rocky Balboa of corporate America. Left for dead in the financial crisis, Realogy has not only survived but is now in a Rocky-like comeback, planning an initial public offering....
- The Perils Of The “mindless Imitation Of One’s Peers”
Mr. Buffett made some comments when speaking to a group from Notre Dame in 1991 that are relevant to what's going on today:-The last thing I want to show you, before we get onto your questions, is an ad that was run June 16, 1969, for 1,000,000 shares...
- Changes To Our Finances
Hi Everyone, Over the past two weeks, my wife and I had quite a few changes to both our lives that will significantly impact our finances. For this reason, I wanted to give a quick update to all of my readers out there to keep you in the loop....
- How Paying $520 Saved Me Thousands Dollars...
I bought my house a year ago. When I bought my house, I had a Home Warranty insurance through the seller. The year passed by and it was time to renew or drop Home Warranty Insurance. My house was built in 2002, not very old. But we live in Texas and our...
Money and Finance
The Man Who Saved AIG
Found via Canadian Value Investor.
One day you may be lucky enough to rent "Bobby's Cabana," a well-appointed cottage on a lavish estate just north of Dubrovnik, Croatia. It's where the estate's owner, Bobby, really gets to be Bobby -- innkeeper, wine maker, cancer survivor, restructuring expert, and corporate chieftain. And it's from there that Robert Benmosche (pronounced BEN-mo-SHAY) lights up the phone lines for several weeks a year as the CEO of insurance behemoth American International Group (ticker: AIG).
These are good times for Benmosche, 68. He recently marked his third anniversary as CEO of AIG. Second-quarter earnings jumped 27%, and last week, the company's largest shareholder, the U.S. government, whittled its stake down to 53%. Benmosche says he believes that a full exit might be possible by the end of 2013. That's an especially impressive feat given that the company was considered toxic as recently as two years ago.
How Benmosche restored a wounded AIG to health after the biggest bailout of the financial crisis is one of the great management stories of the new century: A tale of rallying the troops, intelligently downsizing, and managing often rocky relations with Washington.
Genial and expansive, Benmosche spoke to Barron's from his cozy sitting room at the company's executive offices near Wall Street. The discussion touched many subjects, including his belief that long work lives are inevitable, given the burden on governments of aging populations: "The 20th century was about technology, from airplane engines to computers. This one is about how you deal with an aging world," he says. The lengthier work lives, he says, mean economies will grow bigger.
And having grown up in a family that was deeply mired in debt, Benmosche has a roll-up-your-sleeves ethos. Persistently high unemployment notwithstanding, he stubbornly insists there are opportunities in this country: "The question is whether it's a job you feel is becoming to you. My belief is to get something and work your way up from there, take it until you get something better."
- Incentives, Downsizing, And Value Creation At General Dynamics (august 1994 Paper)
This looks like an interesting paper, and it reminded me of THIS previous post/quote. Link to paper: Incentives, Downsizing, and Value Creation at General DynamicsIn 1991, defense contractor General Dynamics engaged a new management team which adopted...
- The Private Equity Wizardry Behind Realogy’s Comeback
Realogy, the operator of Century 21 and other real estate businesses, is the Rocky Balboa of corporate America. Left for dead in the financial crisis, Realogy has not only survived but is now in a Rocky-like comeback, planning an initial public offering....
- The Perils Of The “mindless Imitation Of One’s Peers”
Mr. Buffett made some comments when speaking to a group from Notre Dame in 1991 that are relevant to what's going on today:-The last thing I want to show you, before we get onto your questions, is an ad that was run June 16, 1969, for 1,000,000 shares...
- Changes To Our Finances
Hi Everyone, Over the past two weeks, my wife and I had quite a few changes to both our lives that will significantly impact our finances. For this reason, I wanted to give a quick update to all of my readers out there to keep you in the loop....
- How Paying $520 Saved Me Thousands Dollars...
I bought my house a year ago. When I bought my house, I had a Home Warranty insurance through the seller. The year passed by and it was time to renew or drop Home Warranty Insurance. My house was built in 2002, not very old. But we live in Texas and our...