AIG Update: The Update of Updates

AIG has avoided certain death for now.

The Wall Street Journal has a great article that outlines the bailout of AIG.

For $85 billion the government gets an 80% equity stake in the insurer and Robert Willumstad, bozo number 2, has been ousted as CEO and replaced by Robert Liddy who was CEO of Allstate.

This schmuck, Willumstad, sat quietly and fiddled while Rome burned.

As the meltdown continued Monday into Tuesday there was not a word from Willumstad - aside from a weak pansy - ass memo sent to employees which I will get my hands on and post here.

Something like "press ahead" or inspiring words to that effect.

Remember the end of Animal House when Chip Diller cries out "Remain Calm. All is well."

Remember what happened to him?

Picture Willumstad flattened on the sidewalk with only his head above ground, blinking in a stunned manner.