The Davos Special

"We couldn't replicate 2008 if we wanted to"

AIG's Steve Miller on why he would rather have Fed officials sit in on the insurance behemoth’s board meetings

Photo: V Keshavdev

One of the great differentiators of the United States is its bankruptcy laws. While individuals and companies don’t hesitate to sue each other if it is worth their time and dollars, corporate creditors don’t have to waste time in litigation to take possession of and dispose stressed assets to recoup and move on. Steve Miller has not only experienced this at close quarters but has written an entire book on the career that he built doing turnarounds. Titled The Turnaround Kid, it captured his learnings fixing companies such as Chrysler, Delphi, Bethlehem Steel, etc. But the spotlight shone brightest when he was appointed on the board of AIG post the credit crisis, eventually becoming its chairman. In this informal chat, Miller talks about his time at AIG, his concerns about the world and his outlook for the US economy.