Posted on 06/15/2015 5:16:28 PM PDT by Nachum
He won everything but damages.
The insurance companies were solvent. They would have been taken over by their respective state of domicile insurance board, and the states would have sold to the highest bidder.
This opens up fertile legal ground for lots of cases.
Lots of employees had the 401K company match in stock and lost 95% of it’s value. Prior to Enron, the company strongly encouraged officers to hold shares of stock, and many officers did this through the 401K. Despite Enron, many had not replaced the stock with another investment. AIG management (evenly lower and middle management) had stock options that went underwater and then expired. The stock dropped from $80 to under $5 and then reverse split 1 for 20. The current stock price today is $62. Divide that by 20 and you see that AIG stock is worth about $3 on a pre-crash basis. I doubt the stock will recover in my lifetime.
Years ago he did own a huge stack in AIG. In the 80’s. He has other Insurance holdings or had. I lived in Omaha for a bit and several friends who were well off knew him. No he did not own it when it bellied up.
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