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Shareholder Opportunism In A World Of Risky Debt
Modern finance is increasingly dominated by derivatives and similar contracts that create contingent debts, which become payable only upon the occurrence of an uncertain future event. This Article identifies a pervasive opportunism hazard created by contingent debt that lawmakers and scholars have overlooked. If liability on a firm's contingent debt is especially likely to be triggered when the firm is insolvent, the contract that creates the debt transfers wealth from the firm's creditors to its shareholders. A firm therefore has incentive to engage in correlation-seeking - that is, to incur contingent debts that correlate, or that through asset purchases can be made to correlate, with the firm's insolvency risk. The consequence is an overuse of contingent debt that destroys social wealth through overinvestment, higher borrowing costs, financial distress, and potential systemic risk. Correlation-seeking is especially pernicious because, unlike other forms of shareholder opportunism such as asset substitution, it can reduce risk to shareholders even as it increases shareholder returns. Conduct that is consistent with correlation-seeking played a central role in the 2008 financial crisis, causing the deep losses suffered by the three firms to receive the biggest bailouts: AIG, Fannie Mae, and Freddie Mac. Yet current and proposed legal rules for derivatives and other contingent debt contracts ignore matters of correlation, increasing the risk of another financial crash in the future. Adapted from the source document.
Journal Article
Fatal risk : a cautionary tale of AIG's corporate suicide
\"The true story of how risk destroys, as told through the ongoing saga of AIG. From the collapse of Bear Stearns and Lehman Brothers, the subject of the financial crisis has been well covered. However, the story central to the crisis-that of AIG-has until now remained largely untold. Fatal Risk: A Cautionary Tale of AIG's Corporate Suicide tells the inside story of what really went on inside AIG that caused it to choke on risk and nearly bringing down the entire economic system. The book reveals inside information available nowhere else, including the personal notes and records of key players such as the former Chairman of AIG, Hank Greenberg. Takes readers behind the scenes at the U.S. Treasury and the Federal Reserve Bank of New York. Details how an understanding of risk built AIG, but a disdain for government regulators led to a run-in with New York State Attorney General Eliot Spitzer. Fatal Risk is the comprehensive and compelling true story of the company at the center of the financial storm and how it nearly caused the entire economic system to collapse.\"-- Provided by publisher.
Book
The AIG Story
In The AIG Story, the company's long-term CEO Hank Greenberg (1967 to 2005) and GW professor and corporate governance expert Lawrence Cunningham chronicle the origins of the company and its relentless pioneering of open markets everywhere in the world. They regale readers with riveting vignettes of how AIG grew from a modest group of insurance enterprises in 1970 to the largest insurance company in world history. They help us understand AIG's distinctive entrepreneurial culture and how its outstanding employees worldwide helped pave the road to globalization.Corrects numerous common misconceptions about AIG that arose due to its role at the center of the financial crisis of 2008.A unique account of AIG by one of the iconic business leaders of the twentieth century who developed close relationships with many of the most important world leaders of the period and helped to open markets everywhereOffers new critical perspective on battles with N. Y. Attorney General Eliot Spitzer and the 2008 U.S. government seizure of AIG amid the financial crisisShares considerable information not previously made publicThe AIG Story captures an impressive saga in business history--one of innovation, vision and leadership at a company that was nearly--destroyed with a few strokes of governmental pens. The AIG Story carriesimportant lessons and implications for the U.S., especially its role in international affairs, its approach to business, its legal system and its handling of financial crises.
eBook
Good for the money : my fight to pay back America
\"In 2009, at the peak of the financial crisis, AIG - the American insurance behemoth - was sinking fast. It was the peg upon which the nation hung its ire and resentment during the financial crisis: the pinnacle of Wall Street arrogance and greed. When Bob Benmosche climbed aboard as CEO, it was widely assumed that he would go down with his ship. In mere months, he turned things around, pulling AIG from the brink of financial collapse and restoring its profitability. Before three years were up, AIG had fully repaid its staggering debt to the U.S. government - with interest. Good for the Money is an unyielding leader's memoir of a career spent fixing companies through thoughtful, unconventional strategy. With his brash, no-holds-barred approach to the job, Benmosche restored AIG's employee morale and good name. His is a story of perseverance, told with refreshing irreverence in unpretentious terms. Called \"an American hero\" by Andrew Ross Sorkin, author of Too Big to Fail, Benmosche was a self-made man who never forgot what life is like for the nation's 99-percent; again and again, he pushed back against obstinate colleagues to salvage American jobs and industry. Good for the Money affords you a front-row seat for Benmosche's heated battles with major players from Geithner to Obama to Cuomo, and offers incomparable lessons in leadership from the legendary CEO who changed the way Wall Street does business\"-- Provided by publisher.
Book
60 minutes. AIG : we own it
Why AIG stumbled, and taxpayers now own it. Steve Kroft reports on the troubled insurance giant, and talks to its new CEO, Edward Liddy.
Streaming Video
The banks versus the Constitution
Since October 2008, the U.S. Treasury Department and the Federal Reserve have taken majority stakes in the country's largest commercial insurer (AIG), largest auto manufacturer (General Motors), and largest mortgage lenders (Fannie Mae and Freddie Mac, which were already government-sponsored). [...] it was that these interests were able to demand and obtain the legislation which ignited the American Revolution.4 Despite the lack of constitutional authorization for a national bank, the idea of central banking still appeals to politicians because central banks make financing wars and government growth much easier. [...] Alexander Hamilton proposed the creation of such a bank to the first Congress, even though the Framers of the Constitution and the ratifying conventions would never have agreed to create one.5 He got his wish, and the first Bank of the United States was chartered in 1791.
Journal Article
President Obama (Part One)
Steve Kroft interviews President Barack Obama about the AIG bonus scandal and the economy. This is part one of a two-part interview.
Streaming Video
AIG: We Own It
Why AIG stumbled, and taxpayers now own it. Steve Kroft reports on the troubled insurance giant, and talks to its new CEO, Edward Liddy.
Streaming Video
