Word: greenbergs
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Dates: during 2000-2009
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Trading in the lucrative swaps - which insured banks against losses on loans backed by mortgage securities - began on Greenberg's watch. But he is likely to argue that only after his ouster in March 2005 did the company's troubled FP unit fail to put up sufficient collateral to cover potential losses from the increasing number of loans backed by subprime mortgages. "You want to make sure you don't have any unexpected surprises down the road," he told TIME in a recent interview...
...Greenberg is more eager to talk about the future. Instead of the government's plan to sell off parts of AIG, he believes the quickest way for taxpayers to recoup billions in federal bailout money is to rebuild the company. "Get AIG back so that it is a taxpayer and an employer again," he says...
...time when Congress is looking to scalp those responsible for corporate misdeeds, the fact that Greenberg was invited as an expert - not a corporate villain - is a measure of his redemption...
...There are only handful of people who understand the workings of the global financial system as well as Greenberg," a Democratic committee staffer says. "He can provide some very valuable insight into what went wrong worldwide in the current financial crisis and how it can be fixed and what the government ought to do to stabilize things...
Former AIG chief executive Maurice (Hank) Greenberg told Congress on Thursday morning that as much as $50 billion in payments that AIG has made in the past few months to banks and other financial firms, including Goldman Sachs and Deutsche Bank, should not have been made. Greenberg believes the banks should be forced to reinvest some of those trading profits in AIG by buying the company's shares...