Word: greenbergs
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...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 to settle a class action by investors. "Any time...
...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...
...prickly side of "Hank" Greenberg helped bring his reign to an end last week. Faced with continuing probes by the Securities and Exchange Commission (SEC) and New York attorney general Eliot Spitzer, the AIG board thought it best to stop antagonizing regulators and pushed Greenberg, who will turn 80 in May, to resign. Otherwise he might have survived the mess, which centers on a deal that AIG cut with General Re, a company that insures insurers. Investigators say AIG bought insurance from Gen Re and accounted for it in a way that overstated revenue...
...What Greenberg may have failed to understand was that the business climate had shifted around him as pressure increased for more disclosure in financial dealings and for greater accountability at the management level. For decades the insurance industry had done similar deals; indeed, the product that took down Greenberg is legal and still used by others. "Accounting rules have an enormous amount of subjectivity," says analyst J. Paul Newsome at brokerage firm A.G. Edwards. "What nobody had an issue with 15 years ago is very much not O.K. post-Enron, post-WorldCom...
...Dems against Bush on some issues, but it has also raised profound questions about their party's direction. Worried that the Democrats are losing ground by appearing to simply say "no, no, no" to President Bush's agenda rather than offering their own, Democratic strategists James Carville and Stan Greenberg are suggesting that the party should offer an alternative vision on Social Security to Bush's private accounts. Republicans were thrilled with the Greenberg-Carville memo, which they think perfectly illustrated their critique of the Democrats: "Even their own trusted consultants Greenberg and Carville are saying you're not going...