Just heard over the wire that AIG has dismissed McKinsey as its post-bailout restructuring adviser. Why, you ask? Well, to cut costs, of course, and maybe also because McKinsey had named its long-term plan for AIG Project Destiny (?!?!). AIG's new CEO, Robert Benmosche, thinks he can do a respectable job of it on his own, and is coming up with his own plan to build up and sell off certain units to repay the bailout loans.
Let's hope this is not the start of a new trend where companies suddenly decide they can do things for themselves!
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