Word: aig
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...corporate boards are flexing more muscle in an effort to improve accountability of all sorts. Former Boeing chief Harry Stonecipher recently lost his job for having an affair with a company employee. Disney's Michael Eisner and Hewlett-Packard's Carly Fiorina lost their posts for poor performance, and AIG directors just forced out the firm's longtime chief, Maurice (Hank) Greenberg (see "Another Titan Takes a Tumble," above), as the company's legal woes mounted. WorldCom's collapse hit directors where it counted: their wallets. Last week 11 former directors agreed to pay $20 million of their own money...
...Maurice Greenberg, who over four decades built one of the world's largest global insurance companies and became an industry icon from Shanghai to New York, was dragged down by the same defiance that had made him so successful. Over 17 years, Greenberg inched American International Group (AIG) into China, even as critics said he would never open that market. Today China is one of AIG's most promising regions. Yet Greenberg's success was accompanied by arrogance. He thought nothing of dressing down an analyst who asked tough questions, and when AIG came under siege early this year--accused...
...nasty. Spitzer says the more he probed, the more Marsh misled and "fed us the same foolishness they've been feeding the public over the years." He felt that Marsh CEO Jeffrey Greenberg, son of Maurice (Hank) Greenberg, the legendary boss of insurance giant American International Group (AIG), was stonewalling him. "I didn't see in their management a desire for reform," Spitzer says...
...widespread in the industry. "When you corrupt a market as the insurance carriers and brokers have by permitting cartel-like behavior, prices go up," says Spitzer. He has issued dozens of subpoenas targeting companies like Aon, Willis Group Holdings and, as was disclosed last week, MetLife. Two executives at AIG and one from insurance company Ace, which were mentioned in the Marsh suit, pleaded guilty to charges last week. AIG CEO Maurice Greenberg promised to cooperate. But analysts aren't betting on a quick fix. "The conflicts of interest [in the industry] are pervasive," says Martin Weiss, chairman of Weiss...
BRAMWELL: We like the natural-gas drillers too. We also think that as the global economy improves we want to be in global financial companies that have close relationships with clients. We own Citigroup and J.P. Morgan Chase. We also like Goldman, Sachs for investment banking and AIG in the insurance area. We think two growth areas are orthopedic-device companies and restaurants. We're going to end up with amazing things like artificial cartilage. In the meantime we are getting minimally invasive hip replacement. Companies in this area are Stryker and Zimmer. Casual dining includes companies like Applebee...