So the corporate governance folk are mad at American International Group (AIG) - Get Report? They don't like the way Maurice Greenberg, the CEO, is running the company and are upset that he designated his son as his successor?
Give me a break.
Here is an industry that has been in a bear market for as long as I can remember. Here is an industry that has been destroyed by pricing that has seen retreat everywhere -- an industry that has even beaten Warren Buffett, who paid too much for
There is only one company that has expanded throughout, one company that has continued to be profitable, one company that stands tall and proud and deserves to be called best of breed: American International Group. And the reason it has succeeded where all others have failed is Maurice Greenberg.
This kind of situation makes my blood boil. I am sitting here thinking: How did I miss a bottom in
, up 7, because rates are going up. I am hitting up chart after chart of insurers, and the only one that has not been killed is American International Group. And that's who these guys target? That's who they make a fuss about?
They talk about how they are going to confront Mr. Greenberg at the board. I have a mind to go to that board meeting just to jeer these folks and point out the foolishness of their ways.
Go target somebody else, somebody who has performed poorly. Somebody who stinks! Or sell the stock. But don't waste Mr. Greenberg's time. It's too valuable. He is busy making money for his shareholders!
James J. Cramer is manager of a hedge fund and co-founder of TheStreet.com. At time of publication, his fund was long American International Group. His fund often buys and sells securities that are the subject of his columns, both before and after the columns are published, and the positions that his fund takes may change at any time. Under no circumstances does the information in this column represent a recommendation to buy or sell stocks. Cramer's writings provide insights into the dynamics of money management and are not a solicitation for transactions. While he cannot provide investment advice or recommendations, he invites you to comment on his column at