The problem as Cramer views it, is that Greenberg was the one that led the company into its risky derivatives business, but he rarely takes any heat for these decisions. Furthermore, Greenberg has proposed a plan to reduce AIG’s debt to the government, and with the stock surging more than 20% on Monday he is being hailed in some circles as a potential savior to the company.
As everyone is well aware, AIG was bailed out to the tune of $85 billion the day after Lehman Brothers fell, and they have since been bailed out three more times. To date taxpayers have lent AIG $182.3 billion, and after asset liquidations AIG still owes the government about $120.7 billion. Of course, there are doubts about whether AIG will be able to pay back the taxpayers anytime soon as they have sold off many valuable assets at fire sale prices.
http://seekingalpha.com/article/163019-cramer-hammers-aig-founder-hank-greenberg
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