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An (AIG) rose by any other name…still smells
March 2nd, 2009, 3:00 am · 31 Comments · posted by Teri Sforza, Register staff writer
In the Lord Voldemort/he-whose-name-cannot-be-mentioned department:
Customers of 21st Century Insurance were just getting used to writing checks to American International Group, which swallowed up their car insurance company in 2007, when - what do you know! - letters recently arrived in their mailboxes on, well, 21st Century Insurance letterhead.
“A respected name returns - with a commitment to California drivers that has never been 
stronger,” says the letter to policyholders. “For over 50 years, 21st Century Insurance has meant low rates, personal service, unique features - and one of the most respected names in the business….
“Now we’re proud to reclaim that great name as we strive to make our company even more in tune with the way Californians live today, in the 21st century.”
The name AIG, of course, has become something of a liability in the marketplace. Today, markets are reeling on the news that AIG posted the largest quarterly loss of any company, ever, in U.S. history - losing nearly $62 billion in the last three months of 2008, despite that $150 billion lifeline thrown to the company by the federal government. And yet, AIG spent more than $1 billion on “employee retention pay” nonetheless. Wouldn’t want those financial wizards who got AIG where it is to leave the company, now, would we?
And things get worse. U. S. taxpayers are throwing the ailing insurance giant another $30 billion, significantly upping the risk that we’ll never see that money again. AIG is just too big to fail, say the powers-that-be. Taxpayers own about 80 percent of the company.
It’s certainly not the first time AIG has tried to go a bit underground:
- At a November conference at the chi-chi Pointe Hilton Squaw Peak Resort in Phoenix, AIG signs were verboten and hotel employees were forbidden to utter the company’s name (in that Lord Voldemort sort of way).
- At an October fundraiser for the Orangewood Children’s Foundation and the Child Guidance Center sponsored by an AIG subsidiary, all references to AIG were removed from the Share Our Wine 4th annual Orange County Auction web site, and no AIG signs were displayed a the event itself.
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31 Comments
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This is what crooks do. They steal your money then try to change their identity. Now they are into us in the amount of $180 billion with no end in sight! ha. Heist the money and change your name. Just like a low life criminal who bumps off a convenience store. Same difference.
thanks Mr. Brilliant Oblabla. lowest stocks in history!
i’ll hand to you, though. nobody has failed so quickly at president than you. hang that one on your wall.
Spin doctors. Oh, well. If it helps keep the company from grabbing and getting more government handouts I can overlook this blatant obfuscation.
Hold onto your wallets and bank accounts!
This is just the begining!
This started when Dubya was in charge, Obama didn’t do it
AIG CAN BURN FOR ALL I CARE!
I hope the executives that stole all our money are in horrible car accidents that leave them crippled & deformed for the rest of there lives. There families leave them & there forced to live a horrible existence in a state hospital…….
obama is making it worse, you’ll see. we will all pay.
aig should change its name to M.U.D.D.
kinda like at&t changing to Cingular and back again.
Geez Cliff, calm down a bit, go walk around the block you psycho.
Cliff - That’s a bit extreme & wouldnt help anyone especially because state hospitals are mostly gov’t subsidized (which comes from our pockets anyways).
The gov’t should have attached clause’s to the hand outs as to how they could use the money. Our gov’t has its head way up where the moon doesnt shine. And we “Joe Taxpayor”continue to take it in the shorts!
Sorry Ian, but the time discussion is long gone we need justice through blood shed! People are upset & there tired of being taken for a ride over & over again. We need a revolution & we need it NOW. Heads should roll, LITERALLY….
So Cliff, you still writing for Hallmark?
@imuniquelikeyou
LMAO! Yep!
Cliff,
Haven’t you read the USER AGREEMENT! Don’r you think you ought to not read these kinds of article anymore?
Cliff,
You give human beings a bad name.
Get ready folks—there is going to be riots on the streets. The government is throwing billions of our money into failed companies only to see that money disappear.
http://www.youtube.com/watch?v=Y6yq5O8GXUo
OCVOICE—apparently you have forgotten that this all started when Bush was in office. You are about as smart as the CFO of AIG.
This is exactly what crooked contractors do. They show up and make a good speech and take your money. Then they never show up to do the work and file bankruptcy never to be heard from again. Then they create a new construction company and hire some goof to use their license and pull the same thing over again.
When will Obama stop flushing tax payer money down the toilet with these crooked companies? You know, the same guy who said he wouldn’t sign a bill with earmarks, but has already said he will sign the $400 Billion spending bill with over 9,000 earmarks in it. Talk about a liar, Obama takes first prize.
Coud it be the “American” in American Internation Group?
AIG just needs to ditch its self, like running its self off in the ditch, just never to resurface in any form ever again!
Get a Farmers policy instead. They are one of the few companies here that are actually healthy. You don’t need to worry about them paying claims.
I have a guy in Yorba Linda that’s awesome. If anyone wants his name, let me know.
Actually for those playing the blame game, this started when Clinton was in charge. But we are all guilty for bad/selfish buying practices and are now playing
” Talk about a liar, Obama takes first prize.”
you know how you can tell? his ears keep growing…
“what ” must have voted for obama knowing that he was going to tank the market by promising welfare expansion. anyway, you are the one that has to look at yourself in the mirror
Since this mess started when Bush was president and had McCain won, would it be McCain’s fault right now too? I’m just curious because the Republican logic makes very little sense. But I assume that they do have enough logic to understand that if McCain were president right now, then by their own flawed logic, Republicans would be blaming McCain right now too. If he were president and all, you know?
Republicans, are you still wondering why you were run out of office in epic proportions? Just curious.
““what ” must have voted for obama knowing that he was going to tank the market by promising welfare expansion. anyway, you are the one that has to look at yourself in the mirror”
Ummmmmmm, what?
Y’all do remember that the market crashed when Bush was president, right? I mean it fell something like 5,000 points, and in a hurry, during the last months of his presidency. I mean you can remember 6 months back can’t you? Hello? Hello? Anyone home? Anyone? Bue…. oh nevermind.
It’s interesting that AIG’s auto insurance division, 21st Century, is quite profitable. Why doesn’t the government force them to sell assets and draw from their profitable divisions to save their own backsides?
Hey imuniquelikeyou…not unique at all. Stop it with the Obama rhetoric that W started it. Well Obama is in charge now and continuing an action Republicans hated! Obama owns this and the ever-FAILING economy due to his arrogant inexperience! Thanks to 53% of America that voted for Obama! All 53% of you owe me money!
Mexico drug cartels buying public support
oops, I meant to say the paper about looting of American in the NY times.