IOC Buys Olympics Cancellation Insurance

[PfcHammer]

http://news.yahoo.com/news?tmpl=story&u=/ap/20040427/ap_on_sp_ol/oly_athens_insurance_14

IOC Buys Olympics Cancellation Insurance
1 hour, 57 minutes ago

By STEPHEN WILSON, AP Sports Writer

LONDON - Guarding against terrorism and natural disasters in Athens, the IOC (news - web sites) took the unprecedented step of buying insurance in case the Olympics are called off.

The International Olympic Committee's $170 million policy guarantees that the organization and affiliated national committees and sports federations have enough money to continue operations. The policy would not compensate individual victims.

The policy also doesn't cover corporate sponsors and TV networks, which have billions of dollars riding on the Athens Games. Many have their own insurance, and city organizers underwrite their own liability coverage.

IOC president Jacques Rogge said Tuesday insurance was "standard prudent judgment" and reflects no lack of confidence in the Aug. 13-29 games, which have been troubled by construction delays and security worries.

<snip>

[cosmicdot]

1. not surprised to see American International Group (AIG) benefit from this

"The IOC is paying about $6.8 million for the policy, and the syndicate is led by New York-based insurance giant American International Group Inc., according to two Olympic sources who spoke on condition of anonymity."

terra good for Maurice Greenberg, a Bush Pioneer ... and, Chair of the Nixon Library


http://elitewatch.911review.org/AIG.html

Chairman and Chief Executive Officer, AIG

on Forbes Worlds Richest People

Net Worth: $3.4 bil

Mr Greenberg is Chairman and Chief Executive Officer of American International Group, Inc. (AIG), a leading global insurance and financial services organization operating in 130 countries and jurisdictions worldwide (click here for history of the company). He was President and Chief Executive Officer of AIG from 1967 to 1989, when he became Chairman and Chief Executive Officer. Mr Greenberg joined AIG in 1960 and was elected President of its American Home Assurance Company subsidiary in 1962.

Mr Greenberg served in the U.S. Army in Europe during World War II and in the Korean conflict, rising to the rank of Captain. He is a recipient of the Bronze Star. He received his pre-law certificate from the University of Miami and an LL.B. from New York Law School in 1950. He was admitted to the New York Bar in 1953. He has been granted honorary degrees from a number of institutions, including New York Law School, Brown University and Middlebury College.

He is the Former Chairman, Deputy Chairman and Director of the Federal Reserve Bank of New York

Within the AIG Group, he is President, Chief Execurtive Officer and Director of C.V. Starr and Co., Inc. He is also a Director of Starr International Company, Inc. ('SICO'), private holding companies, and a Director of International Lease Finance Corporation ('ILFC') (a wholly owned subsidiary of AIG).

Chairman of the Board for Transatlantic Holdings

Member of the President's Advisory Committee for Trade Policy and Negotiations (ACTPN)

Member of the Corporate Accountablility & Listing Standards Committee of the NYSE

Honorary Vice Chairman of the Council on Foreign Relations

Member of the Trilateral Commission

Member of The Bilberberg Group (attendee of 1991 meeting)

Former Vice Chairman, Center for Strategic and International Studies

Chairman of The Nixon Center

Chairman of The Starr Foundation

Vice Chairman of the US-ASEAN Business Council

Founding Chairman of the US - Phillipine Business Committee

Director of the United Nations Association of the United States of America (UNA-USA)

Director of the Institute for International Economics

Director of the Atlantic Council of the United States

Trustee of the United States Council for International Business

Trustee Emeriti of the Rockefeller University

Member of the Hong Kong Chief Executive’s Council of International Advisors

Director of The National Committee on United States-China Relations

Director of the US-China Business Council

Member of the Business Roundtable

Trustee of the Manhattan Institute

Trustee of the Asia Society

Chairman of the Congressional Economic Leadership Institute

Chairman of the Starr Foundation

Director of the John F Kennedy Center for the Performing Arts

Honorary Trustee of the Business Council for International Understanding

Member of CECP (Corporate Philanthropy for a New Century)

Member of The National Coalition on Asia and International Studies in the Schools

Patron of the American Australian Association

Board of Overseers of Weill Medical College of Cornell University

Chairman Emeritus of the Board of Trustees of New York-Presbyterian Hospital

Life Trustee of the New York University

Director of Project HOPE

Bush “Pioneer” (raised $100,000 + for his 2000 Presidential election campaign)

Sept. 19th 2002: Awarded “Civil Society Vision Award” from the American Friends of the Czech Republic.

2001: Awarded “Person of the Year” by the Brazilian-American Chamber of Commerce

Awarded ‘The Eisenhower Service to Democracy Awards’ from The American Assembly

2002: Awarded the “Albert Gallatin Medal” by New York University


Sons: Evan and Jeffrey


“American International Group, Inc. (AIG), The Blackstone Group L. P. and Kissinger Associates Inc. announced the establishment of a new venture to provide financial advisory services to corporations seeking high-level independent strategic advice. <…> The venture will operate globally and will take advantage of the existing relationships between the partners:


- AIG has an ownership interest in Blackstone and is an investor in several of Blackstone's private equity funds;

- AIG and Blackstone have a joint venture, specializing in restructuring and M&A advisory services in selected Asian countries;

- Henry Kissinger chairs both AIG's International Advisory Board and the advisory boards of several AIG-sponsored Infrastructure Funds.


The AIG-Blackstone-Kissinger Associates venture recently completed its first advisory assignment on behalf of a New York Stock Exchange listed U.S. company.” (source) (note: “M&A” means “Mergers and Acquisitions”)

http://elitewatch.911review.org/Blackstone_Group.html

[revcarol]

2. And they pay almost nuthin' in dividends.

Ya gotta sell their stock to make money as an investor.

Of course, insiders and execs make bundles.