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Victim of AIG: my dad
What a mess. Here are the stats: my dad is 64. He worked for Great Western Bank for 20 years, which was then bought by WaMu. After the aquisition, he stayed with WaMu for ~5 years, then moved to Sunamerica, an AIG subsidiary where he heads their data warehouse division.
As an AIG subsid, Sunamerica has done very well. So they are being sold. We don't know when, or to whom, but there has been a lot of interest. My dad's not a big enough fish to get a fat parachute, or early retirement. At best he things he might be able to get ~ 10 months severance.
If the company is purchased, his position may have to move. Likely locations are Toronto or NYC. My parents have lived in SoCal forever - they just can't up and move. Not to mention that while they have a nice home there, it's not like they can sell it in this market.
My mom, in a highly ironic twist, is a mortgage banker. Her business is pitifully slow.
Their retirement took a hit since much of my dad's retirement was in WaMu and AIG.
They are terrified.
This blows.
I am a runner, knitter, scientist, DE-IVF veteran, and stage III colon cancer survivor.
Re: Victim of AIG: my dad
Oh no! How likely is it that the new buyers would change the location? If it's profitable, is there a chance they'd keep most things the same?
Do you know if the interested purchasers are primarily public companies or private equity groups?
I hope everything works out for your parents. What a scary time especially when you are so close to retirement.
According to my mom (who filled me in this a.m.) and Bloomberg news, there are a ton of interested parties, including Royal Bank of Scotland, Hank Greenberg (former CEO who would move ops back to NYC), and Manulife Financial Corp (Toronto). The thinking, again, according to mom, is that RBS wouldn't bother to move ops but the other two might.
My dad is talking about putting out feelers, but for chrissake he's 64.
I am a runner, knitter, scientist, DE-IVF veteran, and stage III colon cancer survivor.
"As of page 2 this might be the most boring argument ever. It's making me long for Rape Day." - Mouse
::hugs::
I hope they do not move ops and your father can continue to work.
I hope things get better for you and everyone else's parents sake. This is going to be very painful for the Baby Boomers as well as their children, who will have to step in to make up for what has been lost.