Word: greenberg
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...Greenberg really a power-hungry crook who would do anything to win--and who was bound to be discovered as his deceits escalated? Or is he a quintessential hard-driving businessman so used to winning and so sure of his judgment that he didn't notice how close his toes had got to the line? Spitzer has been criticized in the business community for overzealousness, and last week brought the first hard evidence that the criticism may have merit: a former Bank of America broker was acquitted in a courtroom test of Spitzer's crusade against the financial industry. That...
...industry giant lionized for his steel 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...
...Such was Greenberg's clout that after 15 years of contentious negotiations to allow China into the World Trade Organization in 2001, U.S. officials handed off the final sticking point--access to the insurance markets--to...Greenberg. After some tough meetings, he put his demands in a terse letter to Chinese Premier Zhu Rongji, who after reading them angrily summoned one of his top trade representatives and, according to that official, declared, "I would never, never see this...
...short lived. In less than an hour Zhu reconsidered, according to the trade official, Long Yongtu, who 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...
That's the way he operated. Greenberg was legendary for taking his 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...