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Blackwater Gets ‘Too Big To Fail,’ Hires AIG Castoff

Suszanne Folsom formerly AIG exec now slithering over to Blackwater/Xe Services

Spencer Ackerman – (Danger Room) – June 13, 2011 – Nothing says, “We’re through with scandal!” quite like hiring a former executive from one of the country’s leading economic bloodsuckers.

Blackwater — sorry, Xe Services — really wants to turn the PR page from the bad old days of Nisour Square, when the infamous private security firm’s guards killed 17 Iraqi civilians. It’s no longer owned by Erik Prince, who may be involved in yet another shady mercenary firm. It’s on a hiring spree for new executives. And that’s kind of the problem.

Xe’s new owners, USTC Holdings, aren’t exactly bringing in scandal-free talent to run Xe v.2.0. On Monday, they announced Xe’s new “Chief Regulatory & Compliance Officer,” a new position for the company, will be Suzanne Folsom, most recently of insurance giant AIG.

Yes, the woman in charge of making sure the world’s most infamous private security firm is in compliance with U.S. laws and regulations is a veteran of the insurance giant that helped plunge the country into financial chaos. The public bailed out AIG to the tune of $182 billion. Folsom — then as now, regulatory compliance chief for a scandal-plagued firm — got a golden parachute reportedly worth $1 million. Read the remainder of this entry »