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It was the mother of all bailouts -- insurance giant AIG need about 182 billion dollars to keep them from collapsing.
We taxpayers unwittingly step -- now more than four years later paid us back and then some fine that's great let's move on.
But we -- at its AIG's I had new advertising let's check this out.
-- We said we're gonna turn around and we did we're helping Joplin Missouri comeback from the devastating tornado.
And now we're helping East Coast recover from hurricane sandy.
Eagle insurance companies face right here in America we repaid every dollar in America -- tests everything.
Plus a profit of 122 billion for the American.
Thank you America help.
Recover very well.
And now it's nice to meet -- for the big bet on especially when a lot of people didn't actually want -- duet.
This is great -- different ad campaign joining me now is advertising and marketing expert Frazier -- tell Frazier thanks for coming back what's -- take.
I'll I shed a tear you kidding you you look like you're weeping and I was right I was a little yeah -- I was down -- It's a wonderful idea they deserve a victory -- they borrowed for it's the first time in the history of the world.
The US government has ever made money on any any thing where they borrowed a 180.
Billion dollars from you -- -- here they paid it back with interest twenty billion dollars in interest.
Work for AIG I don't know -- -- -- acting but no no as a matter of fact I held the stock -- 85 dollars a share down in the old days so what the US government order do is the auto loan AIG more money.
We can get rid of the -- Ramped it just problem -- Sure who -- are targeting.
Because their insurance company right so the whole idea but insurance companies that you pay them pay them pay them and then you have a disaster and there they are strong and tough.
With money to give you there reminding us that they almost went there yeah I mean all of my insurance -- been paid for not.
And -- it seems like it's really stupid in terms -- Their core businesses which is insurance here is in fair point but.
The purpose of this it is it -- to do two things number one to start to rebuild their reputation.
Number two to -- -- the past of these incompetence.
Who ran this company.
How do you have raised by remote Dick -- -- you don't -- your tell people -- have to forget -- like don't forget don't forget what -- and a 182 billion.
-- they're trying to do is to show people that we're not Lehman Brothers is gone we're not tell -- who's gone we're not countrywide who's gone.
We are a new company.
That -- we get another new Hank Greenberg who founded the company got kicked out he was replaced by Martin Sullivan a very nice white haired man who was a complete boom -- who paid himself fourteen million dollars.
Hired a guy named Joseph -- -- derivatives Jolie.
Who knew who invented.
Credit default swaps cost say -- eleven billion dollars -- almost cost the country Evian on the society and bankruptcy.
And I know as -- said because I bought this thinking stock and 85 sorry they deserve.
-- to rebuild this way the -- will run for two weeks then they will start.
To advertise their product.
So I mean in all seriousness who do you think they're aiming at is -- shareholders is -- the general public is that the tax parent who weren't eating.
All of the above all of the above including primarily.
The people who buy the stock to say to them we are not steel company we're a new company in this is part of a larger public relations.
Campaign the CEO.
Bob Menlo Shays and great job fantastic -- is very visible -- comes on shows like this they are evolving.
From from the the image of eight per right here.
Two way respected corporate citizen -- more power to.
A -- run out of time money meter on a scale of one to money.
How money do you think this -- I give them a solid for early because they paid back I wish I had friends who paid that yeah.
-- -- -- -- -- A lot of -- Frazier thank you for coming on thank you appreciate your time.