Word: aig
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...boxes piled as deep as the lawyers outside his door and with the nasty business of potential indictments--not insurance--front of mind. But the man who over four decades built and ran American International Group, the global insurance giant, is as focused as ever. He still manages two AIG offshoots, Starr International and C.V. Starr, investment firms that control billions of dollars of AIG stock. He's a regular on the Manhattan dinner circuit, where society's glitterati greet him warmly. He works out daily with the same discipline that guided his long career. The only thing that...
...Greenberg is in deep trouble. State and federal investigators have been poring over AIG's books for months. Greenberg's own board--led by longtime peer and pal Frank Zarb, who for years was his quietly designated successor should the worst happen--lost faith and pushed him to resign, first as CEO and then as chairman, in March. New York State Attorney General Eliot Spitzer filed civil fraud charges in May, accusing Greenberg of orchestrating "sham transactions" that hid losses and inflated AIG's net worth. Just last week he resigned from AIG's board, ending his last official...
...will and feared for his short fuse, Greenberg landed at Omaha Beach on D-day and was awarded a Bronze Star in the Korean War. Many say he is an enigma, that nobody really knows him. But perhaps he is not all that complicated. Everything he's done at AIG--hobnobbing with the elite, constant globe trotting, charitable giving, his 24/7 schedule--was aimed at one thing: making the company a more formidable global competitor. This is a man who knew how to play hardball to get what he wanted. A lawyer before he was an insurance man, he thought...
...told this story at the Institute for International Economics in Washington last month. It was clear to Zhu that Greenberg, a private U.S. citizen with deep knowledge of China, had been given extraordinary authority. So Zhu sent Long to the "Greenberg suite" of a Shanghai hotel partly owned by AIG, and the two began working out the final pieces of a historic trade pact that, incidentally, gave Greenberg what he wanted: the right to keep running wholly owned subsidiaries...
...business into countries that no foreigners would try and for underwriting insurance policies that no competitors would risk--and squeezing the most out of every opportunity. His global heft was so valued by the government that in the 1980s he was dispatched on state business to the Philippines, where AIG subsidiary Philippine American Life Insurance is the largest insurer. His mission: make clear to President Ferdinand Marcos that foreign investors were uneasy with the unstable government; he should step down or conduct fair elections. (Marcos didn't listen and ultimately fled in disgrace.) In the early 1990s Greenberg met with...