And we know what a risk factor that is. It produces the kinds of problems that we are seeing at AIG: failures of integrity and financial reporting. |
Creating value ... The question is, 'Did they earn it?' |
Greenberg is part of the old breed; the last of the pre-Enron CEOs, the dominant CEO who runs everything, including his own board, |
He is not the chairman of a public corporation. He doesn't create shareholder value. He is essentially a regulator, and he is running an unregulated monopoly in a way. |
He runs off the cliff and then realizes there's nothing underneath him. |
I think the change is significant -- and troubling. For one thing, it is in addition to the other termination payments, which the first one was not. And it is larger, for no apparent reason. Are they expecting a change of control? |
I was surprised. If they were just neglectful they would do a better job than this. It's beyond neglectful. It's a conflict of interest problem. |
I'd dreamed of rating boards from Triple A to junk, like bonds, because boards are a risk factor that no one was paying attention to. |
I'm not saying that everyone has to agree with our grades, but the burden of proof should be on (the funds) to explain what they see in these companies that we don't. |
I'm willing to pay people based on the value they create. |
In the post-Enron era, we have seen reforms from just about everybody -- from the Congress, from the (Securities and Exchange Commission) and from the stock exchanges, ... Everybody has stepped up to the plate except for the Delaware courts. |
It's a headache. It's pure profit, and maybe that's why nobody wants to think about it. |
It's a very serious concern that nobody's paying attention to. |
It's considered an atrocity now. Unless he says he'll take care of everyone, he won't get that. |
It's definitely caveat emptor. They'd better kick the tires carefully. |