Opinion: Hancock's departure

AIG CEO Peter Hancock should have resigned the day the reserve
charge was announced.
His position was completely untenable in the light of the size
of the loss. Hancock had lost all credibility with investors and
the firm's recovery was going to be more difficult with him in
place than with him gone.
Turnarounds depend upon confidence and sentiment. Hancock could
not expect after a second multi-billion reserve charge to command
confidence.
Although Hancock could no longer be part of...