Win Neuger
Encyclopedia
Win Jay Neuger was the Chief Executive Officer, Chairman, and Director at AIG
Global Investment Corp in the years leading up to the financial crisis of 2008 and the fall of AIG. In March 2010, AIG sold its Global Investment Corporation renamed PineBridge Investments with Neuger as CEO to Bridge Partners. Bridge Partners, in turn, belongs to Pacific Century Group
, an Asia-based investment firm, established by Richard Li
.
Neuger received an M.B.A.from Dartmouth’s Amos Tuck Graduate School of Business and an A.B. from Dartmouth College
. He worked at Bankers Trust before he joined AIG in 1995 where he came to oversee its global investment portfolio. With a large portfolio AIG lends out securities for short-sellers; typically money received is invested in safe short term vehicles (such as US treasury notes) until the securities are returned. Increasingly, after 2002, Neuger invested the money in the "riskiest investment possible", residential mortgage–backed securities. His scheme collapsed when the housing bubble busted in 2008, rendering AIG unable to pay its customers and triggering a government bail-out in September 2008. Win Neuger lost $ 43b that were covered by the tax payer in the process.
Neuger has been named one of the key architects of the AIG fiasco.
AIG
AIG is American International Group, a major American insurance corporation.AIG may also refer to:* And-inverter graph, a concept in computer theory* Answers in Genesis, a creationist organization in the U.S.* Arta Industrial Group in Iran...
Global Investment Corp in the years leading up to the financial crisis of 2008 and the fall of AIG. In March 2010, AIG sold its Global Investment Corporation renamed PineBridge Investments with Neuger as CEO to Bridge Partners. Bridge Partners, in turn, belongs to Pacific Century Group
Pacific Century Group
Pacific Century Group was established in 1996 by Richard Li. PCCW of the group, which is taken over from Cable and Wireless in 2001, is listed on Hang Seng Index...
, an Asia-based investment firm, established by Richard Li
Richard Li
Richard Li Tzar Kai is the younger son of successful entrepreneur Li Ka-Shing and brother of Victor Li.Li was 26th in the Forbes List of Hong Kong’s 40 Richest people for 2010...
.
Neuger received an M.B.A.from Dartmouth’s Amos Tuck Graduate School of Business and an A.B. from Dartmouth College
Dartmouth College
Dartmouth College is a private, Ivy League university in Hanover, New Hampshire, United States. The institution comprises a liberal arts college, Dartmouth Medical School, Thayer School of Engineering, and the Tuck School of Business, as well as 19 graduate programs in the arts and sciences...
. He worked at Bankers Trust before he joined AIG in 1995 where he came to oversee its global investment portfolio. With a large portfolio AIG lends out securities for short-sellers; typically money received is invested in safe short term vehicles (such as US treasury notes) until the securities are returned. Increasingly, after 2002, Neuger invested the money in the "riskiest investment possible", residential mortgage–backed securities. His scheme collapsed when the housing bubble busted in 2008, rendering AIG unable to pay its customers and triggering a government bail-out in September 2008. Win Neuger lost $ 43b that were covered by the tax payer in the process.
Neuger has been named one of the key architects of the AIG fiasco.