My Choice

I watched the Charlie Rose show yesterday. Hank Greenberg, the former Chairman of AIG (until 1995), was on the show. He must be pushing eighty. Greenberg came across as sharp and critical of AIG actions. I image he might. He probably is a billion dollars poorer due to the company. I know from his past he is intelligent and ruthless. Greenberg stated things from his perspective that had gone wrong and what should have been done. He also suggested what needs to be done now. At that point he was undoubtedly my pick to be put in charge of AIG now.

But as the show progressed, he drew a larger picture and stated concrete things to be done about the financial crisis. He also said a part of the problem is that the economic system fundamentals are perhaps permanently changed. We need to stop trying to get the failed system going again and recognize the change. We should go back to the traditional banking system that lines up better with things as they are now. He was referring to before deregulation and banks being as involved in the financial services industry as today. He further suggested we need an international solution.

I decided right on the spot Greenberg would be wasted being put back in charge of AIG. He gets my vote to replace Timothy Geithner at Treasury. Greenberg knows the system, where the bodies might be, and he will take no prisoners.