Thomas R. "Tom" Savage is an American

insurance Insurance is a means of protection from financial loss in which, in exchange for a fee, a party agrees to compensate another party in the event of a certain loss, damage, or injury. It is a form of risk management, primarily used to hedge ...

executive who was chief executive officer of

American International Group American International Group, Inc. (AIG) is an American multinational finance and insurance corporation with operations in more than 80 countries and jurisdictions. , AIG companies employed 49,600 people.https://www.aig.com/content/dam/aig/amer ...

Financial Products (AIGFP) from 1994 until his retirement in 2001.Morgenson, Gretchen (September 27, 2008
Behind Insurer’s Crisis, Blind Eye to a Web of Risk.
''

New York Times ''The New York Times'' (''the Times'', ''NYT'', or the Gray Lady) is a daily newspaper based in New York City with a worldwide readership reported in 2020 to comprise a declining 840,000 paid print subscribers, and a growing 6 million paid d ...

'' AIGFP is considered a key company in the

financial crisis of 2007–2008 Finance is the study and discipline of money, currency and capital assets. It is related to, but not synonymous with economics, the study of production, distribution, and consumption of money, assets, goods and services (the discipline of fi ...

.Dennis, Brady and Robert O’Harrow Jr. (January 5, 2009). 1998-2005: AIG & the anatomy of the crash. ''

The Washington Post ''The Washington Post'' (also known as the ''Post'' and, informally, ''WaPo'') is an American daily newspaper published in Washington, D.C. It is the most widely circulated newspaper within the Washington metropolitan area and has a large nati ...

Life and career

Savage earned his undergraduate degree from

Trinity College Trinity College may refer to: Australia * Trinity Anglican College, an Anglican coeducational primary and secondary school in , New South Wales * Trinity Catholic College, Auburn, a coeducational school in the inner-western suburbs of Sydney, New ...

in 1972. He received his Ph.D. in mathematics from

Claremont Graduate University The Claremont Graduate University (CGU) is a private, all-graduate research university in Claremont, California. Founded in 1925, CGU is a member of the Claremont Colleges which includes five undergraduate (Pomona College, Claremont McKenna Co ...

in 1977. Prior to AIGFP, Savage was vice president of

Drexel Burnham Lambert Drexel Burnham Lambert was an American multinational investment bank that was forced into bankruptcy in 1990 due to its involvement in illegal activities in the junk bond market, driven by senior executive Michael Milken. At its height, it was a ...

, an investment bank, and an executive at

First Boston Corporation : ''For the company after its acquisition by Credit Suisse, see Credit Suisse First Boston (known as CSFB and CS First Boston)'' The First Boston Corporation was a New York-based bulge bracket investment bank, founded in 1932 and acquired by Cred ...

. Savage was succeeded by

Joseph Cassano Joseph J. "Joe" Cassano (born 12 March 1955) is an American insurance executive who was an officer at AIG Financial Products from the division's founding in 1987 until his resignation in February 2008.Morgenson, Gretchen (September 27, 2008Behind In ...

. He serves on the Board of Trustees for Trinity College.

References

Living people American businesspeople in insurance American International Group Claremont Graduate University alumni Drexel Burnham Lambert Trinity College (Connecticut) alumni Year of birth missing (living people) {{US-business-bio-stub