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Tuesday, September 16, 2008

To the Rescue

I’ve been following the recent activity on Wall Street. The loss of one of the biggest houses, Lehman Brothers, marks the end of an era. Lehman had been one of the most respected companies, up there with Morgan Stanley. Over the years we’ve lost many firms like Drexel Harriman Ripley, Eastman Dillon, Loeb Rhoades, Hornblower & Weeks, etc. They’ve been assimilated into other companies, but the loss of Lehman is very sad. It’s too bad that some of the old money on the Street couldn’t come to their rescue.

This is what I’m waiting for with AIG. The price is now so low that it would be attractive to someone with a lot of capital, someone who would be able to revive the company, someone with the discipline to take over and run the company. Someone like Hank Greenberg.

I’ve always thought he wanted to get the company back. Now is his big chance. He could be a hero to his loyal employees. Where are you Hank? Why not come to the rescue. You and your sons could come back and save the jobs of thousands of employees. I’m sure they wouldn’t even mind if you changed the name of the company to, “Greenberg & Sons”. They miss you at 70 Pine.

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