Thomas R. "Tom" Savage is an American insurance executive who was chief executive officer of American International Group Financial Products (AIGFP) from 1994 until his retirement in 2001.AIGFP is considered a key company in the financial crisis of 2007–2008.
The United States of America (USA), commonly known as the United States or America, is a country comprising 50 states, a federal district, five major self-governing territories, and various possessions. At 3.8 million square miles, the United States is the world's third or fourth largest country by total area and is slightly smaller than the entire continent of Europe. With a population of over 327 million people, the U.S. is the third most populous country. The capital is Washington, D.C., and the most populous city is New York City. Most of the country is located contiguously in North America between Canada and Mexico.
Insurance is a means of protection from financial loss. It is a form of risk management, primarily used to hedge against the risk of a contingent or uncertain loss.
American International Group, Inc., also known as AIG, is an American multinational finance and insurance corporation with operations in more than 80 countries and jurisdictions. As of December 31, 2016, AIG companies employed 56,400 people. The company operates through three core businesses: General Insurance, Life & Retirement, and a standalone technology-enabled subsidiary. General Insurance includes Commercial, Personal Insurance, U.S. and International field operations. Life & Retirement includes Group Retirement, Individual Retirement, Life, and Institutional Markets.
Savage earned his undergraduate degree from Trinity College in 1972. He received his Ph.D. in mathematics from Claremont Graduate University in 1977. Prior to AIGFP, Savage was vice president of Drexel Burnham Lambert, an investment bank, and an executive at First Boston Corporation.
Trinity College is a private liberal arts college in Hartford, Connecticut. Founded as Washington College in 1823 as an alternative to Yale, it is the second-oldest college in the state of Connecticut.
Claremont Graduate University (CGU) is a private, all-graduate research university in Claremont, California. Founded in 1925, CGU is a member of the Claremont Colleges which includes five undergraduate and two graduate institutions of higher education.
Drexel Burnham Lambert was an American investment bank that was forced into bankruptcy in February 1990 due to its involvement in illegal activities in the junk bond market, driven by senior executive Michael Milken. At its height, it was a Bulge Bracket bank, as the fifth-largest investment bank in the United States. After Drexel's collapse, Kurt Eichenwald of the New York Times noted that the bank "fueled many of the biggest corporate takeovers of the 1980's." Nigel Farage was a former employee.
Savage was succeeded by Joseph Cassano. He serves on the Board of Trustees for Trinity College.
Joseph J. "Joe" Cassano is an American insurance executive who was an officer at AIG Financial Products from the division's founding in 1987 until his resignation in February 2008. Cassano is considered a key figure in the financial crisis of 2007–2008. Political writer Matt Taibbi nicknamed him "Patient Zero of the global economic meltdown."
Fred Aaron Savage is an American actor, director, and producer. He is best known for his role as Kevin Arnold in the American television series The Wonder Years, which ran from 1988 to 1993. He has earned several awards and nominations, such as People's Choice Awards and Young Artist Awards. He is also known for playing the Grandson in The Princess Bride.
James Kenneth Galbraith is an American economist who writes frequently for the popular press on economic topics. He is currently a professor at the Lyndon B. Johnson School of Public Affairs and at the Department of Government, University of Texas at Austin. He is also a Senior Scholar with the Levy Economics Institute of Bard College and part of the executive committee of the World Economics Association, created in 2011.
James A. Johnson is a United States Democratic Party political figure, and the former CEO of Fannie Mae. He was the campaign manager for Walter Mondale's failed 1984 presidential bid and chaired the vice presidential selection committee for the presidential campaign of John Kerry. He briefly led the vice-presidential selection process for the 2008 Democratic presidential nominee, Senator Barack Obama.
Vandal Savage is a fictional character, a supervillain appearing in American comic books published by DC Comics. Savage is immortal, and he has plagued the earth with crime and violence since before the beginning of recorded human history. He is a brilliant tactician with immense technological prowess. He is one of DC's most persistent villains and has fought hundreds of heroes throughout history. In 2009, Vandal Savage was ranked as IGN's 36th Greatest Comic Book Villain of All Time.
Walter Garrison Runciman, 3rd Viscount Runciman of Doxford,, usually known informally as Garry Runciman, is a leading British historical sociologist.
Franklin Delano Raines also known as Frank Raines is an American business executive. He is the former chairman and chief executive officer of the Federal National Mortgage Association, commonly known as Fannie Mae, who served as White House budget director under President Bill Clinton. His role leading Fannie Mae has come under scrutiny. He has been called one of the "25 People to Blame for the Financial Crisis" according to Time magazine.
Charles Owen "Chuck" Prince III is an American former chairman and chief executive of Citigroup. He succeeded Sandy Weill as the chief executive of the firm in 2003, and as the Chairman of the Board in 2006. On November 4, 2007 he retired from both his chairman and chief executive duties due to unexpectedly poor 3rd quarter performance, mainly due to CDO and MBS related losses, while still receiving a $38m pay package.
Charlie Savage is an American author and newspaper reporter with The New York Times. In 2007, when employed by The Boston Globe, he was a recipient of the Pulitzer Prize. He writes about national security legal policy, including presidential power, surveillance, drone strikes, torture, secrecy, leak investigations, military commissions, war powers, and the U.S. war-on-terrorism prison at Guantanamo Bay, Cuba.
Hyman Philip Minsky was an American economist, a professor of economics at Washington University in St. Louis, and a distinguished scholar at the Levy Economics Institute of Bard College. His research attempted to provide an understanding and explanation of the characteristics of financial crises, which he attributed to swings in a potentially fragile financial system. Minsky is sometimes described as a post-Keynesian economist because, in the Keynesian tradition, he supported some government intervention in financial markets, opposed some of the financial deregulation policies popular in the 1980s, stressed the importance of the Federal Reserve as a lender of last resort and argued against the over-accumulation of private debt in the financial markets.
Hans Walter Becherer was an American business executive. Born in Detroit, Michigan, he received his undergraduate education at Trinity College (Connecticut), where he was a member of St. Anthony Hall, and his MBA from Harvard. He became president of John Deere in 1987 and led the Company as CEO from 1989 to 2000 following the financial farm crisis of the 1980s. In 1990 Becherer also became chairman of John Deere's board when Robert Hanson retired. Under Becherer's tenure the company became a diversified, global competitor. By 1998 around 25% of Deere & Company sales revenues came from outside the United States and almost 50% of its product mix was non-agricultural. Robert W. Lane was elected to replace Becherer as CEO upon his retirement in 2000.
Philip Richard Lane is an Irish economist who has served as a Member of the Executive Board of the European Central Bank since June 2019. He previously served as the Governor of the Central Bank of Ireland from 2015 to 2019. He is the ECB’s Chief Economist.
Duvvuri Subbarao, is a retired IAS officer, Indian Economist and a Central Banker. He was the 22nd Governor of Reserve Bank of India, served under Prime Minister Dr.Manmohan Singh. He currently lives in Singapore and is a distinguished visiting faculty at National University of Singapore.
AIG Financial Products Corporation (AIGFP) is a subsidiary of the American International Group, headquartered in New York, New York, with major operations in London. The collapse of AIG Financial Products is considered to have played a pivotal role in the global financial crisis of 2008–2009. In the Spring of 2008 AIGFP suffered enormous losses from credit default swaps that it issued and traded. When these credit default swaps were issued in years prior the management of AIGFP believed they would only have to pay out very few, if any of the swaps. However, as the financial crisis worsened during early 2008 many companies began to default on their debt, forcing AIGFP to assume losses greater than what was ever anticipated.
Timothy Franz Geithner is a former American central banker who served as the 75th United States Secretary of the Treasury under President Barack Obama, from 2009 to 2013. He was the President of the Federal Reserve Bank of New York from 2003 to 2009, following service in the Clinton administration. Since March 2014, he has served as president and managing director of Warburg Pincus, a private equity firm headquartered in New York City.
Patrick Honohan is an Irish economist who served as the Governor of the Central Bank of Ireland from 2009 to 2015.
Liaquat Ahamed is an American author.
Inside Job is a 2010 American documentary film, directed by Charles Ferguson, about the late-2000s financial crisis. Ferguson, who began researching in 2008, says the film is about "the systemic corruption of the United States by the financial services industry and the consequences of that systemic corruption". In five parts, the film explores how changes in the policy environment and banking practices helped create the financial crisis.
Yaga Venugopal Reddy, better known as Y. V. Reddy, is an Indian economist and a retired Indian Administrative Service (IAS) officer of the 1964 batch belonging to Andhra Pradesh cadre. Reddy served as governor of the Reserve Bank of India (RBI) from 6 September 2003 until 5 September 2008.
Alex Blumberg is an American entrepreneur, radio journalist, former producer for public radio and television, best known for his work with This American Life and Planet Money. He is the co-founder and CEO of the podcast network Gimlet Media.
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