Many of you may not realize it, but AIG Insurance is a large provider of aviation insurance coverages. I owned my own specialty aviation insurance agency for over 30 years and sold many AIG Aviation insurance policies.
A number of years ago AIG Insurance became very aggressive in terms of wanting to grow, and became a real force in the aviation insurance business. They provided coverage for private aircraft like Piper Cubs and general aviation aircraft flown by private pilots on one end of the spectrum, and coverage for Grumman Gulfstream corporate jet aircraft on the other end. In between they insured airports, fixed base operators and many other insurance risks.
AIG Insurance also got into the aircraft leasing business, and that business is very profitable. They have asked to participate in the U.S. Federal Reserve's commercial paper funding facility in order to increase their marketshare of this lucrative business. International Lease Finance Corporation is one of AIG's most profitable operations, and they plan to sell this division, along with three others, in order to retire all or part of the $ 85 Billion dollar bailout money they received from the federal government.
It is amazing to me how far reaching and deep into the economy the housing mortgage crisis is reaching. Who would ever have believed that giving mortgages to prospective homeowners with no credit check and no down payment would have led to large corporations folding, being sold or just going out of business?
With all of the people and money we send to Washington DC it is hard to understand why no one was watching the cookie jar. Could it be that too many people in congress had their hand in the cookie jar? I don't know about you but I just send money to Washington and very little of it ever comes back.
I think it is time to clean house and put people in charge who have our interests and not their own self interests at heart. Let's vote out every incumbant and vote in every challenger and really shake things up!
Until next time keep your wings straight and level Hersch!
Oh, I have slipped the surly bonds of earth,
And danced the skies on laughter-silvered wings;
Sunward I've climbed, and joined the tumbling mirth
Of sun-split clouds...and done a hundred things
You have not dreamed of...wheeled and soared and swung
High in the sunlit silence. Hov'ring there,
I've chased the shouting wind along, and flung
My eager craft through footless halls of air.
Up, up, the long, delirious burning blue
I've topped the windswept heights with easy grace
Where never lark, nor even eagle flew.
And while with silent, lifting mind I've trod
The high untrespassed sanctity of space...
...put out my hand, and touched the face of God.
by John Gillespie Magee, Jr.