American International Group (NYSE: AIG), one of the sleaziest companies on the planet, has decided that its investors and analysts don't deserve an opportunity to ask questions of management on a quarterly earnings conference call.
Spokeswoman Christina Preto told Bloomberg that the company will release its results on August 7 without a conference call: "We will provide ample information on the quarter in our press release and filings and will respond to questions through our investor-relations and media-relations staffs."
Yeah, OK. If you're really committed to transparency and answering questions, why not just hold a conference call?
The arrogance here is absolutely stunning, even by the standards of corporate America. AIG has received $170 billion in bailout money and the stock has lost 99% of its value, and yet the company has the cojones to tell investors that they don't get to ask questions and hear management explain the business on a quarterly conference call the way that the vast majority of fully reporting, publicly traded companies do every single quarter.
If there is one company that doesn't have a right to duck its investors, it's AIG -- possibly the most poorly run company on the planet, and certainly the cause of greater losses to taxpayers than any company on the planet.
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Reader Comments (Page 1 of 1)
8-05-2009 @ 10:42AM
BHarrison said...
Well, if the stock holders are stupid enough to let the CEO and the Board of Directors hold onto their positions, then that is the stockholders fault. Isn't it apst time for the stock holders to rise up and to demand that errant, arrogant CEOs and Board members be REMOVED . . . that is certainly an inalienable right that all stock holders have by their voting rights. Personally, I just don't understand how the stock holders can be held "hostage" by these corrupt, overly greedly, and self centered individuals. Why do stockholders tolerate this crap?
8-05-2009 @ 11:57AM
CMarshall said...
Mr Bissonnette, after two year of criticism and questions by stockholders, every senator, representative and committee in Washington how many questions are left to ask? How many? The government has a least three people appointed to oversee AIG's daily operations an CEO Edward Liddy was appointed by the government. Additionally the stockholders have just elected new board members and the board has just selected a replacement for Edward Liddy. What more do you want? What answers do you still need?
8-05-2009 @ 12:30PM
AMC said...
I agree in part with you CMarshall, but what about "what's in the upcoming Q2 Earnings Report"? The bonuses are still a hot button issue, which as of July 27th 2009, AIG has been holding back on.
Aren't investors entitled to some "face time" via a conference call, to ask questions based on the latest earning report? AIG plans on bonuses, outlook etc.
8-05-2009 @ 4:39PM
Connie said...
No conference call, just "trust" them! Bet they didn't want to answer questions about the raises all their executives got$$$
8-05-2009 @ 4:49PM
Robert Hogan said...
“We will…respond to questions through our investor-relations and media-relations staff.”
Seems to me that AIG has the cojones to tell investors that they can contact investor-relations staff and get direct answers to their questions. This looks less like AIG ducking questions from its investors and more like refusing to give an audience to uneducated and inexperienced critics who want to comment on the company’s sleazy operations.
8-05-2009 @ 6:55PM
jspangestu said...
If all the people have bad opinion about AIG, how come the stock raised today?