AIG went to the brink of bankruptcy on Robert Lewis’s watch
AIG’s chief risk officer Robert Lewis is retiring after six years in the job, Reuters reports.
He admitted to the US Financial Crisis Inquiry Commission (FCIC) this year: "What ended up happening was so extreme that it was beyond anything we had planned for. As it turned out, we were wrong about how bad things could get."
Lewis had 17 years at AIG took the role of chief risk officer in July 2004.
Not responsible
Bloomberg added that Lewis told the FCIC that he was not responsible for liquidity-risk management and did not know that derivatives backing mortgage-linked securities had collateral-call provisions until after Goldman Sachs made its first demand in July 2007.
“I only became aware of the collateral calls completely in the latter part of 2007,” Lewis said at the FCIC hearing. When asked if the provisions caused consternation within AIG, Lewis said, “I would say that’s an understatement.”
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