AIG Chief Sees Retirement Age As High As 80 After Crisis

AIG CEO Robert Benmosche thinks that it is a good time to use the current financial crisis, which was fanned to a large degree by his company, to increase the retirement age. How could those structural iron and steel workers stop erecting metal and precast concrete components for buildings, bridges, dams, and highway guard rails at a young age of 65?

“Retirement ages will have to move to 70, 80 years old,”Benmosche, who turned 68 last week, said during a weekend interview at his seaside villa in Dubrovnik, Croatia. “That would make pensions, medical services more affordable. They will keep people working longer and will take that burden off of the youth.”

Wonder if he would have said the same thing if he was one of those construction worker. Imagine doing heavy physical work when you are past 65 years.

This from a man whose job and paycheck for last few years is because of US taxpayers bailout of his company.

Benmosche has sold non-U.S. life insurers, a consumer lender and other businesses to pay back its taxpayer rescue, which swelled to $182.3 billion as the U.S. extended more credit and lowered the interest charged. The Treasury Department has cut its stake to 61 percent from 92 percent through three share sales totaling about $17.6 billion. In the most recent two, AIG bought back a total of $5 billion in stock.

I think we should be happy that he is not making use of this crisis to gut social welfare programs. But, true to the colors of his ilk, he does say this;

Benmosche said people and businesses in the U.S. lack confidence and are hesitant to invest as financial regulation and tax policies remain unsettled.

Now, show me a business CEO who at any time said that the financial regulation and tax policies are not unsettled and I will show you an actor working in a fantasy progressive play.

Print Friendly, PDF & Email