Some employers are in no mood to party Nov 18, 2009
Under the guidelines posted by insurance giant AIG, for example, holiday parties or events must be approved by the chief executive of the business unit involved. AIG which owes more than $83 billion in bailout funds, according to the company, more than any other firm, has frequently found itself in the spotlight for its spending on corporate events and outsized salaries and bonuses in the wake of the financial crisis. (MSNBC -- Business)
WATCHDOG: Fed's AIG Bailout Strategy Flawed Nov 17, 2009
Fed's AIG Bailout Strategy Was Flawed, Watchdog Says - ABC News ... Watchdog: Fed Used Flawed Strategy in AIG Bailout ... Companies That Had Deals With AIG Got $62B in Taxpayer Money. (ABC News)
Read the 'Cost of Freedom' recap Nov 17, 2009
The danger is that the politicians in Congress who get a lot of campaign donations from unions could "Christmas tree" this bill at the 11th hour at the dead of night on Christmas Eve ... If we are in a straight v-shaped recovery, it's going take 23 months to get the jobs back if we quit losing jobs today, which we're not going to do ... AIG Tough Guy May Want Out and GM Can't Find CFO Due to Government Meddling: Is Government Doing More Harm Than Good. (Fox News)
Watchdog says government overpaid on AIG Nov 17, 2009
WASHINGTON - Officials managing the multibillion dollar bailout of insurance giant American International Group Inc. bungled the first rescue and may have overpaid other banks to wind down AIG's business relationships, a government watchdog says. The Federal Reserve Bank of New York headed at the time by now Treasury Secretary Timothy Geithner paid AIG's business partners face value for securities so they would cancel insurance-like contracts AIG had written and ease the firm's liquidity... (MSNBC -- Race)
Watchdog: Gov't May Have Overpaid to Bail out AIG Nov 17, 2009
Officials mismanaged AIG bailouts, may have overpaid to stabilize company, watchdog says ... FILE - In this Sept. 17, 2008 file photo, the AIG logo is shown in New York ... FILE - In this Sept. 17, 2008 file photo, the AIG logo is shown in New York. (ABC News -- Wire)
Palm Beach County looking for new image Nov 16, 2009
He called this the AIG effect, referring to the bailed-out insurance giant. The now infamous AIG event dealt a death blow to corporate meetings, he said ... 5 million marketing campaign to attract visitors during the peak season. (South Florida Business Journal, FL)
Answer Desk: Who needs overpaid bankers? Nov 16, 2009
Take, for example, the guy now in charge of AIG, the insurance behemoth clinging to life thanks to a $90 billion taxpayer-funded bailout. It seems that AIG's CEO Robert Benmosche with the governments moves to limit pay packages for top executives at his firm. (MSNBC -- Business)
FDIC's Bair Says Using TARP to Shore Up Bank Capital Fueled Public Outrage Nov 14, 2009
Bair Says Using TARP for Bank Capital Helped Fuel Public Outcry - Bloomberg. Updated: New York, Nov 14 04:22 London, Nov 14 09:22 Tokyo, Nov 14 18:22. (Bloomberg -- US)
* Business Briefs Nov 14, 2009
Sixty legislators endorsed a petition by employees of Nan Shan Life Insurance Co (nsH) X the local unit of American International Group Inc (AIG) X yesterday morning, pledging to help safeguard the interests of Nan Shan employees and clients in the sale of the company ... 57 percent stake in Nan Shan from AIG. Primus Financial submitted an investment application to the Investment Commission on Thursday evening. (Taipei Times, Taiwan -- World Business)
Congressman Johnson: The right to read the bill Nov 14, 2009
As we all witnessed, hasty votes can result in unintended consequences, such as the provision tucked into the stimulus bill that had the effect of authorizing executives of bailed-out insurance giant AIG to receive retroactive bonuses. Dont forget about the $2. (McKinney Courier-Gazette, TX)
Farmers Insurance closing Albany office Nov 14, 2009
9 billion to acquire s (NYSE: AIG) U.S. personal automotive group. It s unclear whether the Albany office used to be part of AIG.. (Albany Business Review, NY)
The Palin Persuasion Nov 13, 2009
It takes you to the Campaign for Liberty, a Ron Paul group ... But Obama, who had the common touch during the campaign, has governed as an elitist ... (The average American also understands that there is no way to measure the number of jobs the White House has "saved.") He sees the president and Congress eager to pass a costly health care bill against the public's wishes; businesses funding Democratic campaigns so as not to be punished; the rich increasingly voting Democratic. (CBS News -- Opinion)
* Nan Shan, workers union reach tentative agreement Nov 12, 2009
The labor union has long asked that Nan Shans former owner, financially troubled American International Group (AIG), and Primus Financial give up management of some of its provident fund to show the managements sincerity in addressing labor issues, Ger said ... At the protest, union representative Grace Fung (v) described AIG as the employees ex-husband, who has not only confiscated his wifes property, but also forced his wife to accept a new husband [Primus Financial] before... (Taipei Times, Taiwan -- World)
Treasure trove Nov 12, 2009
Howard I. Smith, AIG's former CFO, is also a plaintiff in this case ... Greenberg's lawyers claim Spitzer used private e-mails to contact AIG insiders and to cajole the media into writing flattering stories about Spitzer's political future ... Daniel Shapiro Two ex-AIG execs including former honcho Hank Greenberg may further expose Eliot Spitzer (above) if they are granted access to his personal e-mails. (New York Post -- News)
NFL lineman considering run for Congress Nov 12, 2009
According to a PolitickerNJ post, a GOP state lawmaker has attempted to convince Runyan to start a campaign that some believe would clear the field of candidates on the Republican side ... The banner headline at HuffPo on Wednesday links readers to a Wall Street Journal story about AIG CEO Robert Benmosche, who has threatened to quit his post due to the Obama administration's executive compensation rules. (TheHill.com)
AIG's CEO 'Frustrated' by Obama Pay LimitsIn letter to staff, AIG head vows to "overcome" the compensation "barrier." Nov 12, 2009
AIG CEO Frustrated By Obama Executive Pay Crackdown - ABC News ... Frustrated': AIG's CEO on Obama Pay Limits ... AIG boss today voiced frustration with the Obama administration's crackdown on at companies that have received government bailouts, but in an internal letter to employees obtained by ABC News, he said he would the insurance giant. (ABC News -- Business)
CombiMatrix Corporation Reports Third Quarter 2009 Financial Results Nov 12, 2009
Litigation Update * In September 2009, the Company announced that the U.S. 9th Circuit Court of Appeals (the "Appellate Court") set a date for an oral hearing in the ongoing litigation with National Union Fire Insurance Company of Pittsburgh, PA, an AIG company (NYSE:AIG). This oral hearing is a short session (each side will have 15 minutes) for each party to present arguments supplementing those in the briefs that were filed with the Appellate Court earlier this year. (Primezone Releases)
Reid puts House healthcare bill on Senate calendar Nov 12, 2009
and National Republican Senatorial Campaign Committee Chairman John Cornyn (Texas) have both warned Democrats that they will target any senators who support procedural votes on the bill ... The banner headline at HuffPo on Wednesday links readers to a Wall Street Journal story about AIG CEO Robert Benmosche, who has threatened to quit his post due to the Obama administration's executive compensation rules. (TheHill.com)
AIG CEO ready to quit over pay constraints Nov 12, 2009
AIG CEO Robert Benmosche ready to quit over pay constraints ... Citing unnamed people familiar with the matter, The Wall Street Journal reported online late Tuesday that Benmosche told AIG's board he was "done" with the job, although he reportedly is reconsidering his stance in the face of the board's dismay ... A spokesman for AIG declined to comment on the report. (Sydney Morning Herald -- Business)
Waking the sleeping giant Nov 12, 2009
What would happen to AustralianSuper if Heather Ridout's AIG decided it wanted out and proposed a sale of its interest to the next generation of cowboy operators, such as the collapsed Babcock & Brown ... While you wouldn't want candidates running negative campaigns to get elected to something as sensitive as a super-fund board, the current system lacks direct accountability. (Sydney Morning Herald -- Business)
Canoe man's wife to repay money made from fake death scam Nov 12, 2009
Prosecutor Jolyon Perks said the victims were insurance companies Aviva, formerly known as Norwich Union, and AIG, with claims also made on John Darwin's pension and a Department of Work and Pensions payout. The victims were to receive a total of 363,700 in compensation, while a further 228,100 would be confiscated under the Proceeds of Crime Act. (Sydney Morning Herald -- World)
Not going yet, folks: AIG boss Nov 12, 2009
Rumors of Robert Benmosche's pending departure from AIG are greatly exaggerated. At least, that's what the AIG CEO told nearly 100,000 employees in a one-page memo yesterday ... "I and the board remain totally committed to leading AIG through its challenges and to continuing to fight on your behalf," the memo said. (New York Post -- Business)
* New AIG chief executive threatens to leave post Nov 12, 2009
New AIG chief executive threatens to leave post ... After just three months as head of battered insurer American International Group (AIG), Robert Benmosche has threatened to leave his post as CEO as he struggles to deal with government oversight and restrictions on what the bailed-out company wants to pay employees, a published report said ... Citing unnamed people familiar with the matter, the Wall Street Journal reported online late on Tuesday that Benmosche told AIGs board he was done... (Taipei Times, Taiwan -- World)
AIG CEO Benmosche Tells Board He Is Prepared to Quit Insurer, WSJ Reports Nov 11, 2009
AIG CEO Robert Benmosche Tells Board He Wants to Quit, WSJ Says - Bloomberg ... AIG CEO Robert Benmosche Tells Board He Wants to Quit, WSJ Says ... The is chafing under constraints imposed by AIGs government overseers, in particular a recent compensation review by , the special master on pay in U.S. President s administration, according to the people. (Bloomberg -- US)
Newsweek: A hedge fund's greatest trade ever Nov 11, 2009
Is the new president fulfilling his campaign pledges ... Instead of buying your candidate's campaign message so wholeheartedly, people need to look at what's actually going wrong ... From Bernard Madoff to AIG, Wall Street has reinvented excess. (MSNBC -- Business)
2,000 protest at AIG's Taiwan unit Nov 11, 2009
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Insurers refuse to pay city of Modesto Nov 11, 2009
But insurers ISCOP a subsidiary of AIG and ACCEL have refused to reimburse the city ... AIG insures the city for claims that exceed what ACCEL covers ... "AIG is a very large corporation that took a huge taxpayer bailout of our yours and mine taxpayer money, that is jerking the city of Modesto around by not paying.". (Modesto Bee, CA)
US stocks zigzag after rally as US$ rises Nov 11, 2009
97, its fourth straight advance and its highest close since Oct. 3, 2008 ... 01, after six straight days of gains. (The Star Online, Malaysia -- Business)
AIG head may quit over pay limit Nov 11, 2009
Report: AIG CEO ready to quit over pay constraints ... Citing unnamed people familiar with the matter, The Wall Street Journal reported online late Tuesday that Benmosche told AIG's board he was "done" with the job, although he reportedly is reconsidering his stance in the face of the board's dismay ... The Journal said Benmosche has complained to AIG's board about the outcome of the Treasury Department's pay review which slashed pay for a number of AIG executives by 91 percent from 2008. (Atlanta Journal-Constitution -- Business)
Report: AIG CEO Ready to Quit Over Pay Constraints Nov 11, 2009
Report: AIG's Benmosche ready to pack it in after just 3 months due to gov't oversight ... Citing unnamed people familiar with the matter, The Wall Street Journal reported online late Tuesday that Benmosche told AIG's board he was "done" with the job, although he reportedly is reconsidering his stance in the face of the board's dismay ... The Journal said Benmosche has complained to AIG's board about the outcome of the Treasury Department's pay review which slashed pay for a number of AIG... (ABC News -- Business)
Stocks mostly fall as the dollar's slide eas... Nov 11, 2009
Stocks mostly fall as the dollar's slide eases. Stocks mostly fall as the dollar's slide eases. (San Diego Union-Tribune)
AIG May Be Able to Pay Back $44 Billion on U.S. Credit Line, Moody's Says Nov 10, 2009
AIG May Be Able to Pay Back U.S. Government Loan, Moodys Says - Bloomberg ... AIG May Be Able to Pay Back U.S. Government Loan, Moodys Says ... AIG owed more than $44 billion on the credit line as of last week and has tapped more than $40 billion from Treasury facilities. (Bloomberg -- US)
The Enduring Anger of Hank Greenberg Nov 10, 2009
Maria Bartiromo talks to former AIG CEO Hank Greenberg ... Since then-New York Attorney General Eliot Spitzer forced him out as chief of AIG during an accounting scandal in 2005, Greenberg has rarely missed an opportunity to chide his multiple successors or bemoan the folly of his ouster ... Last summer he paid $15 million to settle SEC charges that, on his watch, AIG had used accounting gimmicks to paint too rosy a picture of its health. (BusinessWeek)
ChiNext Exchange Opens Door To Capital For Small Local Firms Nov 8, 2009
AIG (AIG) also said it may have trouble making a profit in Q4, citing an. 11/06/2009 08:13 PM ET. (Investors Business Daily)
Consumer borrowing plunges in September Nov 8, 2009
WASHINGTON Consumers borrowed less for a record eighth straight month in September amid rising unemployment and tight credit conditions ... Another profitable quarter for AIG ... NEW YORK AIG said yesterday it was profitable for the second straight quarter as its core insurance operations continue to stabilize after the company's bailout by the government last year. (Honolulu Advertiser)
* Business Quick Take Nov 8, 2009
INSURANCE AIG records profit. AIG said on Friday it was profitable for the second straight quarter as its core insurance operations continue to stabilize after the companys bailout by the government last year ... Despite the improved performance, AIG CEO Robert Benmosche said earnings would remain choppy as the company executes its restructuring plan. (Taipei Times, Taiwan -- Sports)
Earnings Roundup: Freddie Mac, PriceSmart Nov 7, 2009
NEW YORK (AP) AIG said it was profitable for the second straight quarter as its core insurance operations continue to stabilize after the company's bailout by the government last year. NEW YORK (AP) Hedge fund and private equity firm The Blackstone Group LP posted a narrower loss for the third quarter, as its private equity holdings gained value and its real estate investments stabilized. (ABC News -- Wire)
Who deserves Wall Street bonuses? Nov 7, 2009
9 billion were quietly funneled to Goldman Sachs through last year s backroom bailout of insurance giant AIG money you re keeping. Second, by executive fiat, the Federal Reserve let Goldman magically metamorphose into a bank holding company so it could qualify for cheap funds from the central bank. (Paragould Daily Press, AR)
Profit Not Satanic, Says Wealthy Banker Nov 7, 2009
AIG is profitable again, but executives say the road the company is on wont necessarily remain smooth ... A topic AIG didnt discuss in its filing was employee retention, but the Times several executives have jumped ship to work on a competing venture with Hank Greenberg, who was AIGs CEO for nearly forty years. (Slate)
Business Highlights Nov 7, 2009
AIG posts 2nd consecutive quarterly profit. AIG said Friday it was profitable for the second straight quarter as its core insurance operations continue to stabilize after the company's bailout by the government last year ... While new insurance business stabilized compared with the second quarter, it is still sharply below year-ago figures as the economy remains weak and AIG struggles with its image after being bailed out by the government. (Fresno Bee -- Business)
Feds shut Sparta bank as year's total hits 119 Nov 7, 2009
WASHINGTON --- Consumers borrowed less for a record eighth straight month in September amid rising unemployment and tight credit conditions ... AIG SAID FRIDAY it was profitable for the second straight quarter as its core insurance operations continue to stabilize after the company's bailout by the government last year ... -based company has received about $51 billion since it was seized by federal regulators in September 2008, but said it didn't need any more money for the second-straight... (The Augusta Chronicle)
U.S. unemployment rate rose by 0.4 percentage point to 10.2 percent in October, the highest in more than 26 years, the Labor Department reported Friday.• Wall Street rises Nov 7, 2009
American International Group Inc. (AIG), the troubled insurance giant, said Friday it was profitable for the second straight quarter as its core insurance operations continue to stabilize after the company's bailout by the government last year. Shares of AIG fell 3. (Xinhuanet, China)
IIM-K hits pay dirt with its summer placement Nov 7, 2009
Banks and other financial services firms including Deutsche Bank, JP Morgan Chase, Edelweiss, HSBC, Citigroup, Standard Chartered Bank, American Express, TATA AIG, LI, ICRA, Tata Capital were back with a bang, picking up as much as 21% of the batch. Business conglomerates such as Escorts group, Ramky group and Shriram EPC offered profiles in corporate finance with around 9% of the batch opting for these roles, ensuring that around 30% opted for the finance vertical. (India Times)
AIG keeps profitable for second quarter Nov 7, 2009
NEW YORK, Nov. 6 (Xinhua) -- American International Group Inc., the troubled insurance giant, said Friday it was profitable for the second straight quarter ... Including the government's portion of the profit, AIG earned 455 million dollars, or 68 cents per share, during the latest quarter ... "We continue to focus on stabilizing and strengthening our businesses, but expect continued volatility in reported results in the coming quarters, due in part to charges related to ongoing restructuring... (Xinhuanet, China)
Insurance giant AIG posts profit of US$455m in Q3 Nov 7, 2009
com - Insurance giant AIG posts profit of US#dollar;455m in Q3 ... Insurance giant AIG posts profit of US 455m in Q3 Posted: 06 November 2009 2315 hrs ... " AIG was the largest single recipient of US bailouts with the government pumping more than 170 billion dollars into the firm to keep it afloat and taking a controlling stake in the group in the process. Once the world's biggest insurer, AIG was on the brink of bankruptcy in September 2008 when the government offered a financial lifeline in... (Channelnewsasia.com)
AIG posts profit of 455 million dollars Nov 7, 2009
Bailed out insurance giant AIG on Friday announced a profit of $455 million (R3 ... "Our results reflect continued stabilization in performance and market trends," said AIG president and chief executive Robert Benmosche ... "AIG employees are working to preserve the strength of our insurance businesses in a challenging market by working closely with our distribution partners, with third quarter 2009 showing signs of stabilization.". (Business Report, South Africa)
AIG posts second quarterly profit Nov 7, 2009
Insurer AIG, which was saved by the US government last year, has reported its second straight quarterly profit ... However, AIG's shares fell 6 ... This would be because of restructuring charges, AIG said. (BBC News -- Americas)
AIG Earns Profit for 2nd-Straight Quarter Nov 7, 2009
(AP) AIG said Friday it was profitable for the second straight quarter as its core insurance operations continue to stabilize after the company's bailout by the government last year ... Despite the improved performance, AIG CEO Robert Benmosche warned earnings will remain choppy as the company executes its restructuring plan ... Shares of AIG fell $2. (CBS News)
AIG, Magna, Activision Blizzard are big movers Nov 7, 2009
Search Type Choose a search type from the items below. By The Associated Press The Associated Press. (Yahoo News -- Technology)
Demystifying insurance policies Nov 5, 2009
Thus, each individual should put a rupee value to each need and thereafter conduct a self-risk assessment, Leena Dhankher Joshi, AV-P, life, accident h profit centre, Tata AIG Life Insurance. This may sound very complex, but is quite easy. (India Times)
Financial reformnext for Obama Nov 4, 2009
The proposal for a government agency to protect consumers from deceptive and abusive financial sales practices has floundered upon an industry advertising campaign extolling the virtues of the uniquely American freedom to be bankrupted by your stockbroker's lies ... If you're something other than a bank, the way AIG was being an insurance company or Bear Stearns an investment bank, you need not apply. (Asia Times Online)
MARTA made $119M on leases Nov 4, 2009
All was well until financial companies that guaranteed the deals, such as the insurance company AIG, took a dive, triggering huge possible fees. State Rep. (Atlanta Journal-Constitution -- Metro)
* Chinatrust Financial changes president Nov 4, 2009
In a separate statement, Chinatrust Financial said it had hired external lawyers to understand and analyze the American International Group Incs (AIG) sale of Nan Shan Life Insurance Co (nsH) to a Hong Kong-based consortium last month. The company denied its board had reached a decision to file a lawsuit against AIG, the statement said ... Several local newspapers yesterday cited Wu as saying that Chinatrust might sue AIG because Chinatrust Financial offered a higher bidding price and... (Taipei Times, Taiwan -- World Business)
* Nan Shan deal will be fair, legal: MOEA Nov 4, 2009
A consortium led by Primus Financial Holdings Ltd and Hong Kong-based China Strategic Holdings Ltd () reached an agreement with American International Group Inc (AIG) last month to acquire AIGs 97 ... Huang Tien-mu (), director-general of the insurance bureau, said yesterday executives of both AIG and new buyer Primus Financial have said that Nan Shan had committed to give control of NT$14 billion (US$429. (Taipei Times, Taiwan -- World Business)
Blankfein, Dimon Met Feinberg Ahead of U.S. Pay-Cut Decision, Records Show Nov 4, 2009
Feinberg, 64, met AIG executives and Treasury officials most often. At the time, he was negotiating pay for , who started as AIG CEO on Aug. 10 and received a $10. (Bloomberg)
From Greg Gordon at McClatchy Nov 3, 2009
"For the past year, Goldman has been on the defensive over its Washington connections and the billions in federal bailout funds it received. Scant attention has been paid, however, to how it became the only major Wall Street player to extricate itself from the subprime securities market before the housing bubble burst.Goldman remains, along with Morgan Stanley, one of two venerable Wall Street investment banks still standing. Their grievously wounded peers Bear Stearns and Merrill Lynch fell... (Harper's Magazine)
Ford Posts $1 Billion Profit Nov 3, 2009
Mortarman, precisely, if these "obscene" or "windfall" profits were coming from Mobil Oil, AIG or health insurance companies, then the profits are evil, but since it's from a union-based automaker, now the profits are fine and dandy and get a "Woo-Hoo" from the left ... Had AIG failed there would be no Bonuses paid by the Tax Payers bailout funds. (CBS News)
* [BUSINESS BRIEFS] Nov 3, 2009
Chinatrust to sue AIG. Chinatrust Financial Holding Co (H) yesterday accused AIG, the parent company of Nan Shan Life Insurance Co (nsH), of staging an unfair bidding process and trading irregularities after the US insurer decided to sell its local unit to the second-highest bidder, Primus Financial Holdings Ltd. ... He accused AIG of violating international acquisition norms and failing to honor bidding rules. (Taipei Times, Taiwan -- World)
* Report says AIG scraps planned sale Nov 2, 2009
Report says AIG scraps planned sale. NO GO: Another report said that an AIG policyholder in California has asked a judge for an injunction that would bar the firm from moving assets out of the state AP, NEW YORK Monday, Nov 02, 2009, Page 10 ... I have come to believe that we can obtain the greatest value for AIG Star and AIG Edison by continuing to operate and grow these companies as part of AIG.. (Taipei Times, Taiwan -- World)
Lieberman twists the knife Nov 1, 2009
Is AIG not now a government-run insurance company, and doesn t the $185 billion of taxpayer money thrown at that sorry enterprise add up to more than twice the yearly cost of the health reform package. And that s without considering the trillions of taxpayer dollars put into play to shore up Citigroup, Bank of America, GM, Chrysler and those other suddenly socialized sectors of American corporate life. (Paragould Daily Press, AR)
Report: AIG scraps plans to sell Japanese units Nov 1, 2009
AIG shares slide; report speculates on brain drain ... Shares of AIG fell $1 ... But with the company's financial picture improving and few viable buyers coming forward, AIG says it will hold on to AIG Star Life Insurance Co. and AIG Edison Life Insurance Co., according to a report posted on The Wall Street Journal's Web site Saturday. (Fresno Bee -- Business)
Goldman Sachs bet on housing crash Nov 1, 2009
With the Federal Reserve Board's blessing, AIG later used $12 ... In December 2006, after "10 straight days of losses" in Goldman's mortgage business, Chief Financial Officer David Viniar called a meeting of mortgage traders and other key personnel, Goldman spokesman DuVally said. (Anchorage Daily News)
Wallin is well-motivated Nov 1, 2009
To keep them from suing, the administration sent ACORN protesters to the homes of their first targets the AIG executives. Now executives know their families can be in danger if they buck the takeovers. (Longview Daily News, WA)
AIG scraps plans to sell Japan units Nov 1, 2009
AIG scraps plans to sell Japanese units: Report- International Business-News-The Economic Times ... AIG scraps plans to sell Japanese units: Report1 Nov 2009, 0210 hrs IST, AGENCIES ... But with the company's financial picture improving and few viable buyers coming forward, AIG says it will hold on to AIG Star Life Insurance Co. and AIG Edison Life Insurance Co., according to a report posted on The Wall Street Journal's Web site Saturday. (India Times)
Obama financial overhaul plan gets wary reception Oct 31, 2009
With AIG, the Bush administration decided to swoop in with a hefty government bailout. Frank and Geithner said the latest plan would prevent the government from having to decide between doing nothing and a costly rescue. (Honolulu Advertiser)
