In a shocking end to a nearly 12year legal battle, insurance industry legend maurice hank greenberg on friday admitted he initiated, participated in and approved two sham transactions in 2000 to prop up aigs bottom line. Jun 19, 20 greenberg won the suits against himself. Hank greenberg was born hyman greenberg on january 1, 1911, in greenwich village, new york city, to romanianborn jewish immigrant parents david and sarah greenberg, who owned a successful clothshrinking plant in new york. An interview with former aig ceo hank greenberg the motley. The amazing story of hank greenberg and the history. The piece detailed an effort by the 87yearold former aig ceo maurice hank greenberg to get the company to join his lawsuits against the. He was inducted into the baseball hall of fame in 1956. However, i found reading part 2 very difficult to read, as i had to read about the almost maniacal antics of a new york state politician by the name of elliot spitzer, who had no business being nys ag, much less nys governor later on. In fallen giant, author ron shelpwho worked within the aig organization for more than a decadesheds light on aig, the company, and hank greenberg, the man. They regale readers with riveting vignettes of how aig grew from a modest group of insurance. Greenbergs career is chronicled in the 2006 book fallen giant. Aig is really hank greenberg, and knowing the background of hank greenberg helps understand the culture of aig.
In short it helped and was worth my time and money. The aig story wiley online books wiley online library. A unique insider view into the recent aig crisis and hank greenberg. Greenberg is known to have attended the 1989, 1990, and 1991 meetings of the bilderberg group. Read cnn s fast facts about former aig chief executive officer maurice hank greenberg.
May 15, 20 read cnn s fast facts about former aig chief executive officer maurice hank greenberg. The value in rons book is his personal perspective of the sweep of the story. Greenbergs ouster in 2005, aig made the disastrous mortgage bets that drove it into the arms of the feds. Selected as one of motley fool s 5 great books you should read in the aig story, the companys longterm ceo hank greenberg 1967 to 2005 and gw professor and corporate governance expert lawrence cunningham chronicle the origins of the company and its relentless pioneering of open markets everywhere in the world. For as much rightful anger and disrespect the letters aig elicit, this book actually changed my view of the insurance giant. All hank greenberg ever wanted was an unfair advantage. Greenberg, chairman and ceo, starr insurance holdings, inc. The aig story is really hank greenbergs story, told from the very heart of events and carrying important lessons and implications for the u. Aig in the greenberg era and the time thereafter did deserve to be punished with chapter 11, not coddled with a bailout and tax incentives. Maurice greenberg, former ceo of american international group, inc. Exaig ceo greenberg loses appeal over 2008 bailout reuters. The amazing story of hank greenberg and the history of aig. The rise and fall of american international group aig is synonymous with the rise and fall of maurice hank greenberg, its founder and former chief executive officer ceo. May 01, 2015 hank greenberg still in the ring at 90, battling a.
In a shocking end to a nearly 12year legal battle, insurance industry legend maurice hank greenberg on friday admitted he initiated, participated in and approved two sham transactions. Rons tale of hank greenberg and aig is a rare opportunity for a personal look inside the history of an american and global business legend. Feb 19, 20 selected as one of motley fool s 5 great books you should read in the aig story, the companys longterm ceo hank greenberg 1967 to 2005 and gw professor and corporate governance expert lawrence cunningham chronicle the origins of the company and its relentless pioneering of open markets everywhere in the world. While there are spelling mistakes in the book, its well written, and worth a read if you are interested in the. Greenberg, also known as hank, is just one in a line of disgraced chief executives from the mid2000s who resorted to. Hank greenberg admits to aig sham and settles fraud suit. Greenberg transformed a loose collection of international insurance companies into the largest insurance company in history p. Aig in the greenberg era and the time thereafter did deserve to be punished with chapter 11, not coddled with a. An interview with former aig ceo hank greenberg the motley fool. Maurice greenberg, aigs former ceo, admits he played a role in an early 2000s accounting scandal. That is the phrase that ron shelp chooses to sum up maurice r. In the aig story, the companys longterm ceo hank greenberg 1967 to 2005 and gw professor and corporate governance expert lawrence cunningham chronicle the origins of the company and its relentless pioneering of open markets everywhere in the world. Maurice raymond hank greenberg born may 4, 1925 is an american business executive and former chairman and chief executive officer of american international group aig, which was the worlds 18th largest public company and the largest insurance and financial services corporation in history.
Sep 30, 2014 say what you like about maurice hank greenberg, the financier is a dogged old coot. His new book, the aig story, chronicles the rise and growth of aig. In 1962 greenberg was named by aigs founder, cornelius vander starr, as the head of aigs north. Greenberg was a chairman and ceo for the american international group with 11 videos in the cspan video library. Greenberg, the deposed chairman of the american international group and the subject of his fallen giant. Greenberg about building the largest insurer in the history of mankind, and delves into his early work with political leaders. They regale readers with riveting vignettes of how aig grew from a modest group of insurance enterprises in 1970 to the largest insurance company in world history. Hank greenberg challenges aig bailout financial crisis moves by new york fed, government to shore up insurer at center of trial. Jan 28, 20 in his new book, the aig story, former chief executive maurice hank greenberg offers his take on what kept the company alive. Greenberg retired as chairman and ceo of american international group aig, a former starr subsidiary, which became the first fully licensed foreign insurance company in china. Selected as one of motley fool s 5 great books you should read in the aig story, the companys longterm ceo hank greenberg 1967 to 2005 and gw.
For almost ten years now, since an accounting scandal forced him to resign from american international group. Maurice raymond hank greenberg born may 4, 1925 is an american business executive. Maurice hank greenberg, founder of aig, has been courted by presidents, chewed out by ferdinand marcos and profiled in tom brokaws the greatest generation. Hank greenberg still in the ring at 90, battling a. Say what you like about maurice hank greenberg, the financier is a dogged old coot. In his new book, the aig story, the man who ran the worlds largest insurer, maurice hank greenberg settles scores with the u. A unique insider view into the recent aig crisis and hank greenberg for nearly 40 years, maurice hank greenberg was one of the most powerful ceos in america.
Al ehrbar author ronald shelp, who worked alongside maurice greenberg and within the american international group for many years, sheds light. Greenbergs ouster in 2005, aig made the disastrous mortgage bets that drove it. Mar 18, 20 maurice greenberg, former ceo of american international group, inc. The pugnacious former ceo told congress that their bailout plan for aig was a failure and that the companys implosion wasnt his fault in the first place. Hank greenberg, former aig ceo, admits culpability in.
Not another selfserving business biography or dry corporate history, the aig story is a business adventure. I bought this book to help me through my interview process at aig. Aig, talks about the rise and fall of the international insurance and financial products company. It is a memoir about hank greenberg who was the first jewish baseball player to be inducted into the hall of fame.
Greenberg is chairman of starr companies, a global insurance and investment organization founded by cornelius vander starr in 1919 in shanghai, china. In another blow to aigs 92year old former ceo, a federal appeals court on tuesday threw out an earlier ruling that the us government had. The paths they took to the pinnacle of finance were differentace greenberg spent his whole career at bear stearns, rising through the ranks. An interview with former aig ceo hank greenberg aol finance. Hank greenberg, american professional baseball player who, as one of the games best hitters, won two american league mvp awards 1935, 1940 and became the sports first jewish superstar. Hi, im morgan housel from, and with me today is former chairman and ceo of aig, mr.
Selected as one of motley fools 5 great books you should read in the aig story, the companys longterm ceo hank greenberg 1967 to 2005 and gw professor and corporate governance expert lawrence cunningham chronicle the origins of the company and its relentless pioneering of open markets everywhere in the world. Greenberg, the often combative former chief executive of american international group, began a news media counteroffensive on monday to repair his legacy days after the bruising end to. Well hank, thank you for coming by and talking about your book, the aig story, and a heck of a story it is. Feb, 20 maurice hank greenberg, founder of aig, has been courted by presidents, chewed out by ferdinand marcos and profiled in tom brokaws the greatest generation. Part 1 of 2 steve forbes interviews former aig chief maurice r. Hank greenbergs firsthand experience at aig, combined with cunninghams additional research and interviews. Mar 21, 20 part 1 of 2 steve forbes interviews former aig chief maurice r. May 27, 2015 greenbergs own book gets biblical when it says his wrath befell those who delayed or deceived. Mar 23, 2009 the paths they took to the pinnacle of finance were differentace greenberg spent his whole career at bear stearns, rising through the ranks. Shelp, a former greenberg lieutenant and troubleshooter at a.
Cunninghamalso offers a fascinating company history and an account of how, after mr. Ethan harvey do you adore baseball and love inspiring stories. Greenberg, the often combative former chief executive of american international group, began a news media counteroffensive. It takes place mostly in the poor parts of new york and detroit. Maurice hank greenberg, former chairman of american international group inc.
In his new book, the aig story, former chief executive maurice hank greenberg offers his take on what kept the company alive. Greenbergs own book gets biblical when it says his wrath befell those who delayed or deceived. Eliot spitzers battle with former aig ceo maurice greenberg. The amazing story of hank greenberg and the history of a. Hank greenberg joined aig as a rising executive and. The aig story is well written and, despite not being a business person, i found it very informative about the insurance business and how a successful company is made. May 09, 2017 maurice hank greenberg is on a losing streak.
Selected as one of motley fools 5 great books you should read in the aig story, the companys longterm ceo hank greenberg 1967 to. It was saved only by the loyalty and tenacity of its. Well hank, thank you for coming by and talking about your book, the aig story, and a. Join japan society for a discussion about the new book the aig story. Feb 10, 2017 maurice greenberg, aigs former ceo, admits he played a role in an early 2000s accounting scandal. Selected as one of motley fools 5 great books you should read in the aig story, the companys longterm ceo hank greenberg 1967 to 2005 and gw. Hank greenberg s firsthand experience at aig, combined with cunninghams additional research and interviews. But the mismanagement of american international group inc nyse. The aig story is really hank greenberg s story, told from the very heart of events and carrying important lessons and implications for the u. Jul 12, 2017 dont blame aig for hank greenbergs lawsuit.
896 1072 1438 751 611 1573 1532 1317 591 318 705 850 1312 1205 15 1066 390 524 647 855 481 1167 1320 1414 519 20 546 612 963 64