Bad Paper

Yet another chief of a troubled financial firm bites the dust.  American International Group, Inc., Chief Executive Martin Sullivan has resigned from the big insurer according to the Wall Street Journal.  Sullivan is yet another in a long and growing list of financial executives that have lost their jobs at least in part due to massive losses related to the U.S. mortgage market.

Robert Willumstad,  chairman of AIG’s board, will replace Sullivan.  Stephen Bollenbach, the former CEO of Hilton Hotels and another AIG board member, will be the lead director.