AIG

“I got nervous in early 2007, so we had exited all our banking exposure and financial exposure.”

“We were fully hedged because we had bought credit protection. Right. But we also had a collab. So we go, we, a single A credit, got a collateral agreement with AIG AAA.”

“AIG had just put a hundred million dollars into Blackstone for 10% of the company and the rights to invest in our funds. So, at best, it was worth a billion dollars, and when I left, it was worth a 170.”

“I looked around and I saw a system that was built on hero worship. Number one, we used to bring folks like Jeff Skilling of Enron in and have these big town hall meetings, and everybody would ooh and ah about how brilliant he was, and next in would be Hank Gre…”

“So they are working with companies and industries like travel, healthcare, financial services, insurance companies like Pfizer, United airlines, and AIG to implement this technology within their workflows. And it's not just coding.”

“We've automated high, how AIG underwrites insurance. What used to take three weeks and you'd only get to 10 weeks, 10, 10% of your submissions. It takes less than an hour and you get to a hundred percent.”

“And the next morning we had an investment committee meeting to make a decision as to whether or not we were going to add or sell our position in AIG. And we decided to add to it. The mistake, which I'll never forget, is the difference between liquidity and sol…”

“For a company that went public for twenty six million less than seven years before that. So it was a 50 times greater.”

“And I was like the third largest shareholder of AIG.”

“By the time AIG stock peaked, it was in 2000. Our holdings in AIG stock were considerable. It was about five times more than when they acquired the company.”

“And here we are, company just made a billion dollar profit And we're now right in the middle of this thunderstorm.”

“But I would say that once we left and started Airlease, most of the airlines went with us. They did either no or very little future business with ILFC, particularly since it was still under this government AIG umbrella. So I would say a large number of the cus…”

“Kodak and Polaroid lost their market. IBM and Xerox got killed by competitors. AIG went bankrupt in the global financial crisis.”

“When AIG was first downgraded, I think it was 2005. And I started to hear whispers from more seasoned, long-term employees of AIG Financial Products along the lines of, oh gosh, if we're downgraded another couple of notches, there's not enough collateral in th…”

“We're trying to create different data systems where for instance, in that example, we would try and say, hey, let's do this through a distributed exchange. Chase, all of that data you have on your customers, you hold it behind your firewall. AIG, same thing. Y…”