It Could Be Worse
Yeah, all of our investments have taken hits over the past month or so, but how would you like to be this guy:
If you thought Bear Stearns’ Jimmy Cayne or Lehman Brothers Holdings’ Dick Fuld had a bad case of the SWILs, consider the plight of former American International Group chief Maurice “Hank” Greenberg.
Mr. Greenberg, ousted as chief of the giant insurer in 2005, owns shares of AIG through Starr International and through his personal holdings. Starr, which he runs, owned about 243 million shares as of July, according to SEC filings; Mr. Greenberg owned about 12.9 million shares personally, as of a May filing.
Starr’s AIG shares were valued at about $15.8 billion at one point last year. Mr. Greenberg’s shares once were valued at more than $700 million.
And now? At the $2.21 price of this morning, Starr’s shares were valued at $470 million and Mr. Greenberg’s shares were valued at about $28 million.
He's still got a lot of money, of course, but that's a pretty big hit -- even for a very high roller.
Ha! Should have known what was going on with that company since he had such a vested interest. People are so supid, they always expect the checks to keep coming in and stock owners do not take any interest in the operations. This whole bale out thing makes me sick to my stomach! Our government sucks so bad. We are socialist now yet we can't have socialized healthcare?
Posted by: emily | September 19, 2008 at 12:33 PM
I'd still be happy to trade my financial situation with Mr. Greenberg!
Posted by: Tim | September 19, 2008 at 12:41 PM
I would like to be that guy. He still has at least 28 mil.
Posted by: cory | September 19, 2008 at 12:45 PM
Another great example of why diversafication in important. Wow, that is a lot of cabbage!
Posted by: rebel | September 19, 2008 at 12:52 PM
Can't you see my heart breaking?
Posted by: Matt | September 19, 2008 at 01:07 PM
Mr. Greenberg should have ran his company better, instead of making foolish investments in the housing market.
Posted by: Rick | September 19, 2008 at 01:16 PM
He probably couldn't sell. There are strict regulations as to how much these guys can sell. Insider trading and such.
I'd imagine most of this stock was received as incentive options or something like it. If so, I hope he hadn't got the stock by exercising the options while holding on to the stock for ayear. Then he could still owe billions in AMT.
Posted by: kitty | September 19, 2008 at 01:53 PM
I actually find it kind of refreshing to see some of these CEOs take it on the chin. Obviously this guy still has way too much money but hopefully he's feeling some pain like most of us are now.
Posted by: Kevin | September 19, 2008 at 02:29 PM
Rick, In case you didn't remember, Greenburg was pushed out by the disgraced Elliott Spitzer on on trumped up charges. Its highly likely that AIG's demise was directly attributable to Greenburg's absence.
Posted by: ValleySaver | September 20, 2008 at 12:31 AM
I am sure that this guy won't sell and will stay on the money and he will survive only with his big salary.
Posted by: Financial Course Blog | September 21, 2008 at 08:41 AM