DERIVATIVES: AIG Hires CDS 'Architect' And Creator

Peter Hancock “is one of the people that basically developed the credit-default swaps market at JPMorgan in the mid-1990s,” said Ed Grebeck, CEO of Stamford, Connecticut-based debt-consulting firm Tempus Advisors and an instructor at New York University on derivatives. “Given that he was one of the pioneers, it’s probably the first good appointment that any one of these bailed-out firms has made.” 

“My biggest concern is you’re selling too fast and you’re being taken by Wall Street,” Benmosche told staff at an Aug. 11 meeting in Houston, according to a record obtained by Bloomberg. “I don’t want to feed Goldman Sachs’s bonus pool anymore. I don’t want to feed Morgan Stanley’s bonus pool anymore. I want to feed ours. In order to do that, you’ve got to stop giving this stuff away. You’ve got to ask for decent prices or we’ll wait.”