The AIG/Drexel Connection

I have had a couple of people remind me of this in email, but I have been remiss in not pointing it out sooner: The AIG/Drexel connection. Here is TPM on the subject of how one wayward financial outfit’s demise gave birth to another:

AIGFP was founded on January 27, 1987, when three Drexel Burnham Lambert traders, led by finance scholar Howard Sosin, convinced AIG CEO Hank Greenberg to branch out from his core insurance business by creating a division focused on complex derivatives trades that took advantage of AIG’s AAA credit rating.

More here and here and here and here.

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