AIG chief's new job: Selling assurance
The new CEO at AIG, Ed Liddy, not only has to turn the company around, he's got to deal with some really bad press. Kai Ryssdal talks with him about the challenges ahead in our latest installment of Conversations From the Corner Office.
AIG Chairman and CEO Ed Liddy (AIG)
More on Conversations from the Corner Office, America's Financial Crisis
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EXECUTIVE PROFILE
Who: AIG Chairman and CEO Edward Liddy.
Education: Liddy earned an undergraduate degree from Catholic University of America and an MBA from George Washington University.
What you may not know: Liddy began his career at Ford Motor Company.
Comments
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From glendale, AZ, 09/15/2009
I twice requested a loan modification on our house that we owe 300K on. It is valued at 205K.I have 6.29 fixed rate. I was rejected twice for any type of modification. I then hired a third party and paid them ¥2995.They obtained a modification of a reduction in rate to 5 percent for 1 year, 6 percent for the next yearn and back to 6.29 for the remainder. This only recovers my ¥2995. Aparently Morequity would rather have me default. They are the ones that will lose by not working we me. They will get far less in a foreclosure sale.
04/01/2009
Who the heck is MorEquity? - is it AIG is it American General is it Wilmington Finance? Wow, the only others who hide their names or diversify the names like this are CULTS!!!
From Egg Harbor TWP, NJ, 03/16/2009
I sit here listening to your interview then I turned on closing bell today to find out you did exactly what you stated you were going to stop. It highly disturbs me to see people getting paid many more times what I make in a year, and yet have no regards to anything or anyone other than your pocket. If it was up to me you would fail, it is bad enough we hand money to taxes and it gets wasted. Here you stand with your hand out saying we need help, and when it is given you spend it as reckless as you can without regret. I feel bad and at the same time if you were to fail you deserve to, because if it were up to me I would let you go down the river. You are a drain on the tax payers, and have proven on more then one occasion thats all you will be.
From atlanta, GA, 03/04/2009
Who is the CEO of MorEquity? Please indicate via posting.
Thanks
From Havertown, PA, 02/02/2009
My mortgage company is also MorEquity. We have been under financial hardship now for about 1.5 years...our business failed due to the economy, and my husband is unable to secure full-time employment (he's currently working p/t for FedEx). Morequity was willing to work with us and "rework" the loan a few months back...we took everything out of our 401k, and now we now we owe a bit more each month. The hopes were that we would get caught up and my husband would find full-time employment and we could make the payments. Well, no full time work and we are now once again in foreclosure. MorEquity refuses to work with us and would rather kick us out of our home and leave it sit empty. Oh, did I mention that the company that did the financial transaction initially (Wilmington Financial) had a scam-artist of an appraiser come through and overrate our home by like $60K? So...not only can we not make our payments, but our house is overvalued. It looks like we're going to end up selling, and moving God only knows where. We will try to stay in the township since we have two high-schoolers who we'd like to see graduate from the school that they are going to. I'd like to know what the heck my tax money (and...yes...I DO work full time and make an okay salary) is doing for AIG...besides sending them on junket meetings? And as for employees of AIG...if any of you work for MorEquity, I'm going to start recording your threatening phone calls that you leave on my voicemail every day.
From Woodbridge, VA, 11/19/2008
My Mortgage Company MorEquity is owned by AIG and foreclosed on my property have not sold it. I had NACA, an Attorney and lender willing to do a short pay or modification. I was in the mortgage for 17yrs. I am now in the health care industry. MorEquity granted me a loan modification in March that increase my payment, cost me money and had my next payment do in 2days and then the bottom fell out of the wholesale mortgage industry and could not may the payment. I had and still have an attorney working with me, I added my husband to the loan, I know have a very good base salary and part-time job. They still refuse to help, we have owned our home for 13yrs. The money AIG received did not help me and ED Liddy went to the well a second time for money. They will not give me another chance and financially I am much better off.
From El Paso, TX, 11/18/2008
What % is $85,000,000,000 (Billion)loan
of a $1,000,000,000,000(Trillion)Asset. Is it 8.5%? With a collateral of
80%. Thats a deal!
Does that mean it's like an $8500 loan on a $100,000 home. With a $80,000 collateral. That smells like shark to me.
Somebody, defend AIG!!
From austin, TX, 10/24/2008
Please cut the nonsense. AIG got into a bussiness it knew nothing about. All the nice words by you AIG employees are IRRELEVANT.
From New York, NY, 10/23/2008
I am an AIG employee and also a taxpayer, so what Mr. Liddy says resonates with me and my colleagues. AIG is a great company with a storied history and our current problems shouldn't detract the public -- both in the U.S. and overseas -- from recognizing what differentiates us from our peers in the markets we operate in. Mr. Liddy has been indefatigable in his defense of AIG's dedicated employees who are hard at work every day to keep our busineses strong and to serve our customers with excellence. Our problems notwithstanding, as AIG employees we have every reason to hold our heads high and take pride in what we do to keep the faith and win the trust of our clients and policyholders. Mr. Liddy's conviction about AIG's future gives us the confidence and optimism that we'll emerge as a strong, nimble company, while paying off our loan with interest to the American taxpayer.
From new york, NY, 10/23/2008
I am an AIG employee and I am proud to be...the events of the past few weeks although a bit unsettling does not change my opinion. As for Mr. Liddy my first impressions of him was: humble, straightforward and a man of his word, everytime I hear him speak I smile.
From Greensboro, NC, 10/23/2008
I am an AIG employee and I appreciate Mr. Liddy stepping in and defending my company. As he said, he could have stayed in the private sector, but he didn't. He is bringing stability back to this company. In the past weeks, I have listened to many interviews with him and everytime I come away feeling better about my company. AIG won't be the same as it was before but that isn't necessarily a bad thing.
From North Wales, PA, 10/22/2008
I listed to WHYY 90.9 FM Philadelphia. Kai Ryssdal's interview today with AIG's new CEO Edward Liddy is the first time I remember one of these "Conversations from the Corner Office" actually being worth listening to. Up until now it has just been a 30-second sound clip. Was that all that "HR," the Society of Human Ressource Management, was willing to sponsor? The AIG Liddy interview was an actual conversation, and I appreciated it.
From Bethlehem, PA, 10/22/2008
He sounds like a snake-oil salesman. He comes across as completely untrustworthy.
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