It’s almost amazing to see all the different ways AIG (AIG) can step in it.
Yesterday news broke that new CEO Robert Benmosche would be spending a couple of his first weeks on the job vacationing in Croatia, which, even if there’s nothing to do at the office right now, looks horrible.
And now WSJ notes that Benmosche, formerly the CEO of MetLife, has a large potential conflict of interest, since AIG is trying to sell assets to the insurer. Benmosche still retains significant holdings in MetLife.
An AIG spokeswoman says its board was aware of certain conflicts of interest going into the hiring of Mr. Benmosche regarding his holdings in other companies and would “adopt appropriate procedures to address any potential conflicts as necessary.”
And those appropriate procedures are what, exactly? Will Benmosche not be part of the negotiations? Maybe that’s why he’s in Croatia, so as to not be involved in these talks.
This comes after Ed Liddy, who was at the helm while AIG was transferring billions to Goldman Sachs — his former company.
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