The Man Who Saved AIG

Published on
June 3rd, 2019
Duration
59 minutes

The Man Who Saved AIG

The Larry McDonald Series ·
Featuring Jim Millstein

Published on: June 3rd, 2019 • Duration: 59 minutes

Jim Millstein, co-chairman of Guggenheim Securities, was the chief restructuring officer at the U.S. Department of the Treasury from 2009 to 2011. In that role, he was responsible for the oversight and management of the U.S. government’s largest financial sector rescues. In this timely interview, Millstein sits down with New York Times bestselling author Larry McDonald to recount the most important takeaways from his experience. He also offers a deep dive into his career in restructuring in the 1990s and 2000s. Filmed on May 8, 2019 in New York.

Comments

Transcript

  • JS
    Joseph S.
    7 June 2019 @ 02:13
    Jim is a very bright guy with a huge skill set. Would love to see him get ‘red pilled’. The left wing and right wing of our government are parts of the same bird. Nothing will change until we all come to the realization it’s us against them.
  • AB
    AJ B.
    6 June 2019 @ 17:51
    Is Larry purposely exposing these Socialist hiding in Capitalist clothing? First Mervyn King and now Millstein. Quite shocking to hear a man speak, and believe, that the government can solve our problems better than the free market. These people need to be called out for who they are, elitists who believe they can micromanage the economy to prosperity. Their manipulations always end in crisis, then act as if they solved the problem they caused in the first place.
    • AC
      Andrew C.
      6 June 2019 @ 18:00
      For me to understand your comment, can you please clarify: Was it the free market of 2004-5-6-7-8 that created the GFC?
  • JO
    JOHN O.
    5 June 2019 @ 18:18
    Excellent program. I agree with those that observed that it is easy to intuit with Mr. Millstein's political leanings are but the vast majority of the facts he was citing were indeed facts, of the old fashioned "real-facts" variety. Regardless of who got us into debt, what happens when the cost to service that debt doubles or triples? One of the things that will happen fellow boomers, is that those millennials and gen-whatevers will start to turn off the entitlement spigots of social security and medicare rather than decrease funding for their kids' education, road and defense. We have to get rational. This may not be too painful for the average RV viewer but the other 98% are going to be pretty pissed off. Great job Larry - even if your guest respectfully disagreed once in a while. Keep it coming!
  • AA
    ALBERTO A.
    5 June 2019 @ 16:57
    I'm so glad that RV can interview a wide spectrum of people...sometimes smart, sometimes very one sided...sometimes with huge egos...different styles...I'm glad I got to meet Jim though RV...not a lot of insights...not eager to hear him again...
  • BS
    Bill S.
    4 June 2019 @ 19:01
    Expected some nuggets of insight into AIG bailout....still waiting. Milton, please investigate why RV morphed into MSNBC during this segment, thank you.
    • CL
      Cyril L.
      5 June 2019 @ 17:12
      Would have liked some insight into AIG too but comparing that interview to what you can see on MSNBC is a gross misrepresentation. One can be a democrat and have interesting things to say. It's ok to have different opinions (or at least it should be).
    • BS
      Bill S.
      5 June 2019 @ 19:17
      Please watch the interview again. His opinions are welcome and reasoned, but the wry smiles and the jumping out of his chair are the tells. RV viewers seek wisdom, not whinging. Policy failures on debt and spending flatter neither side of the aisle.
  • JH
    Joseph H.
    4 June 2019 @ 18:49
    Excellent. However, just as the average American owns little or no stocks it is also true that for the average American their home is not an asset but rather a place to live, raise a family and build memories. Home price appreciation is wiped out for most by financing costs and various carrying costs including taxes and upkeep. Also, for an issuer, backer of or investor in mortgages the other risk not mentioned is prepayment risk. Talk about a one-sided trade!
  • HJ
    Harry J.
    4 June 2019 @ 00:47
    Interesting no wonder Jim worked for Obama. I wonder if he thinks the Republican Party has ever done anything good for this country.
    • MS
      Mark S.
      4 June 2019 @ 04:23
      Well it’s been a long time since they have.
    • AA
      ALBERTO A.
      5 June 2019 @ 16:53
      keep wondering...he cant even see the democratic party is not moving far left....he can only see the good he did :)
  • sm
    stephane m.
    4 June 2019 @ 00:45
    I think AOC is real... What comes after Trump won't be in the center as he thinks but a far left politician... Here, in the north, my 8 years old (with her class) sent a letter to Trump (pleading against the wall). They are brainwashing our children and trying to raise them as socialist...
    • RS
      Roger S.
      4 June 2019 @ 02:54
      And they are succeeding with the brainwashing due to the parents willingness to let them.
  • SS
    Sam S.
    3 June 2019 @ 21:19
    Acting like the past Democrats have no responsibility in the crisis and just blaming Republicans, is hard to take. The rape of the US Treasury, rape of the US Constitution, and rape of the US Citizens is on all on the key players, no matter if from government and/or corporate lobby. This has been happening since Bill Clinton. Reform has to take place but nobody has the balls to inflict the pain on their watch. Mr. Millstein nailed the nasty future outcome. Democrats too, will tax the crap of everything and everybody, with future implosion just getting worse. Government shall make no law for the people it exempts itself from. We should have let the system implode in 2008 and started over, cause it's going to happen anyway. The dam is leaking.
    • CL
      Chris L.
      4 June 2019 @ 00:28
      They had forcible sex with the constitution?
  • MN
    Maverick N.
    3 June 2019 @ 20:47
    Brilliant conversation - love the clarity, frankness and courage Jim speaks about the mortgage market and Uncle Sam's backstopping it. Another win by RV! Keep it up!
  • JL
    John L.
    3 June 2019 @ 17:16
    A great follow up on this interview would be a discussion with Tim Howard. That would be one for books. Solid interview!
  • PB
    Pieter B.
    3 June 2019 @ 08:56
    Fantastic conversation! Thank you very much!