March 17, 2009



Probing the backstory surrounding the AIG – Administration bonus war, Josh Marshall offered some visual commentary on AIG executive Gerry Pasciucco based on an outfit the executive assembled for a 40’s Havana- theme society benefit in Fairfield County last June. Pasciucco (third from the right left) is a former vice chairman of Morgan Stanley who now runs AIGFP, the unit responsible for the derivatives business.

Writes Josh:

Given how AIGFP helped bring global capitalism to its knees, the choice of t-shirt might suggest a role for internal subversion few have yet considered. But it is important to note that AIG CEO Edward Liddy brought Pascuicco in last November, after the collapse, “with instructions to wind down the unit.” So it seems that Pascuicco’s role has been to sort through the rubble rather than build the bomb.

Given that the photo was taken five months before Pasciucco took the job, it’s hard to link the image too closely to GP’s role at AIG. On the other hand, given Pasciucco’s pedigree as a senior Wall Street player, the image — captured at the front edge of the meltdown — can be seen as either mocking the warning of capitalism gone amok or telegraphing how bad actors — especially those driving the sexiest enterprises — should come as no surprise.

(image: Fairfield Country Look)

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Michael Shaw
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