Thomas R. Savage

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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. [1] AIGFP is considered a key company in the Global financial crisis of 2008–2009. [2]

United States Federal republic in North America

The United States of America (USA), commonly known as the United States or America, is a country composed of 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's 3.9 million square miles. 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 largest city by population is New York City. Forty-eight states and the capital's federal district are contiguous in North America between Canada and Mexico. The State of Alaska is in the northwest corner of North America, bordered by Canada to the east and across the Bering Strait from Russia to the west. The State of Hawaii is an archipelago in the mid-Pacific Ocean. The U.S. territories are scattered about the Pacific Ocean and the Caribbean Sea, stretching across nine official time zones. The extremely diverse geography, climate, and wildlife of the United States make it one of the world's 17 megadiverse countries.

Insurance equitable transfer of the risk of a loss, from one entity to another in exchange for payment

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 American multinational insurance corporation

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.

Life and career

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 (Connecticut) College in Hartford, Connecticut

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 university located in Claremont, California, United States

Claremont Graduate University (CGU) is a private, all-graduate research university located in Claremont, California, a city 35 miles (56 km) east of downtown Los Angeles. Founded in 1925, CGU is a member of the Claremont Colleges which includes five undergraduate and two graduate institutions of higher education. Adjoining and within walking distance of one another, design was based on that of Oxford University and Cambridge University.

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 Drexel employee Michael Milken. At its height, it was a Bulge Bracket bank, as the fifth-largest investment bank in the United States.

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 late-2000s financial crisis. Political writer Matt Taibbi nicknamed him "Patient Zero of the global economic meltdown."

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References

  1. Morgenson, Gretchen (September 27, 2008) Behind Insurer’s Crisis, Blind Eye to a Web of Risk. New York Times
  2. Dennis, Brady and Robert O’Harrow Jr. (January 5, 2009). 1998-2005: AIG & the anatomy of the crash. The Washington Post