Ramani ayer biography of barack obama

Of the 4.3 million Americans who lost their jobs this year, unemployed CEOs may deserve the least public sympathy. Many of them ran companies that took federal aid. Others made a fortune when they sold their companies. One may have mishandled data that was tied to his company's most promising product.

But as we look back on one of the worst years in the country's financial history, the unemployed among us may find some solace in the fact that regardless of title or paycheck, in a down market, everyone is vulnerable.

The automotive industry hemorrhaged jobs this year, both on the assembly line and in the corner office. On March 29, the Obama administration axed General Motors Chief Executive Rick Wagoner as part of the company's eventual bankruptcy. And In November the board of automobile lender GMAC Financial Services ousted its chief executive, Alvaro de Molina, after 19 months on the job. Between December 2008 and the time of de Molina's departure, GMAC had received $12.5 billion in taxpayer money, which gave the U.S. government a 35.4 percent stake in the Detroit company.

Edward Liddy came out of retirement to lead troubled insurance giant AIG in September 2008. When he accepted the post, and a $1-a-year salary, he said he wouldn't remain there for long. His low point as a chief executive occurred in mid-March, when Congress grilled him about the bonuses that AIG had paid to employees at its financial products unit. Liddy later asked bonus recipients to return some of the funds, but by that point, the bonuses had ignited a national furor. Robert Benmosche, a former chief executive at MetLife Inc, replaced Liddy on Aug. 10.

Both Fannie Mae and Freddie Mac experienced management turmoil this year. In March the chief executive of Freddie Mac, David Moffett, resigned after six months on the job. Moffett reportedly jumped ship because he felt frustrated by rules that required him to clear all major decisions with

The Hartford Financial Services Group, Inc. today announced that Neal Wolin, president and chief operating officer of the company’s Property and Casualty Operations, has accepted a position in the White House as Deputy Counsel to the President for Economic Policy and Deputy Assistant to the President.

Wolin joined The Hartford in 2001 as executive vice president and general counsel. He was promoted to president and chief operating officer of the company’s Property and Casualty Operations in June 2007. Prior to joining The Hartford, he served in several positions in the U.S. Government, including General Counsel of the Department of the Treasury, Executive Assistant to the National Security Advisor and as Deputy Legal Adviser to the National Security Council. Wolin earned his J.D. from Yale Law School, his M.Sc. in Development Economics from the University of Oxford and his bachelor’s degree from Yale University.

In conjunction with this announcement, The Hartford named two of its senior property and casualty executives, Juan Andrade and Jonathan Bennett, as interim co-leads of the Property and Casualty Operations. Andrade and Bennett will report to The Hartford’s president and chief operating officer Tom Marra. A search for Wolin’s successor is underway.

“Given the importance of the issues facing the country, there is no greater honor than being called to serve. I am looking forward to being part of the President’s team of advisors in this most challenging period,” said Wolin.

“President Obama is building an outstanding economic team to address the many complex challenges facing the nation and our financial system,” said Ramani Ayer, chairman and chief executive officer. “We recognize the unique call to service this presents for Neal and wish him all the best in his return to Washington.”

Andrade is currently executive vice president of sales and distribution for Property and Casualty. H

Others on the list include bailed out auto major General Motors' head Rick Wagoner and troubled insurance giant AIG's chief Edward Liddy.

Many of the American entities, whose chiefs left their companies this year, had received federal bailout funds at the peak of financial crisis, according to the US magazine's list of the top 12 CEO Departures of 2009.

"Many of them ran companies that took federal aid. Others made a fortune when they sold their companies. One may have mishandled data that was tied to his company's most promising product," Forbes said.

In June Ramani Ayer, who had led Hartford Financial Services Group for 12 years, announced he would step down from his post by the year's end.

"Ayer was responsible for the company's push into riskier versions of variable annuities-life insurance contracts whose value fluctuates with that of underlying securities," Forbes said.

In March, Moody's Investors Services had downgraded Hartford's long-term senior debt to one level above junk status, citing the company's exposure to these products.

The company later received $3.4 billion in government aid. In October it named Liam McGee, who ran consumer banking at Bank of America, as its new chief executive.

Edward Liddy came out of retirement to lead troubled insurance giant AIG in Sep 2008, then faced hostile questioning from the Congress over bonuses and had to step down. Robert Benmosche, a former chief executive at MetLife Inc, replaced Liddy in August.

On March 29, the Obama administration axed General Motors Chief Executive Rick Wagoner as part of the company's eventual bankruptcy.