Project Destiny did not last much longer. Benmosche in an early August 2009 board meeting reportedly trashed it, calling a halt to the restructuring. He criticized the plan and the federal government for pressuring AIG to sell off its parts at bargain-bin prices. Paula Reynolds, the chief architect of Project Destiny, quit.
"I had friends in investment banking, and you know what they told me?" said Andrew Kligerman, an industry consultant who covered AIG as an analyst for UBS. "They said, ‘It was a very sad day when Ed Liddy and Paula Reynolds left the company.’"
Leonardi recounted two episodes that prompted him to publicly call for the NAIC to hire an outside consultant to help it re-evaluate its governance. The first came two years ago, when he said he expressed his concerns to a regulator who now serves as an NAIC officer. The regulator promptly dismissed his worries.
"The response was, very earnest and very serious, ‘Why would I want to run for office if I couldn’t be the imperial president and exercise unabated power? What would be the point?’" Leonardi said. "I realized with that response that this approach of trying to work behind closed doors wasn’t going to work."
A large, bipartisan contingent wants to reauthorize TRIA with few changes to its existing terms. But they have been blocked by Financial Services Committee Chairman Jeb Hensarling, R-Texas, who refuses to budge from demands that any renewal include a significant shift of the financial burden from the federal government to the private sector.
The new president would be the “heir apparent” at Interactive Brokers, but likely will not take over for some time. Peterffy, who is 69, has no immediate plans to resign, Repetto said in a Sept. 17 note to clients. Instead, he appears just to be establishing a longer-term succession plan.
The Pacific Ocean, by contrast, is churning out large storms at a record pace. Meteorologists have identified 17 tropical storms or hurricanes in the Eastern Pacific since May. Eight were “major” hurricanes, classified as category 3 or higher. The previous record at this point in the season came in 1992, when seven hurricanes hit the category 3 threshold.
Pack, a 58-year-old from Danville, Calif., is the face of the MICRA reform movement. In 2003, a driver high on prescription pain pills jumped a curb and struck his 10-year-old son and 7-year-old daughter, killing them both. Police later found that the driver had purchased hundreds of pills from doctors at Kaiser Permanente. Yet when Pack tried to sue Kaiser, several attorneys refused to take the case because filing and arguing a lawsuit would likely cost more than the $250,000 he stood to win.