Maurice R. Greenberg

From SourceWatch
Jump to: navigation, search

Maurice R. "Hank" Greenberg, "ranked 132 in the world and 59th in the US with assets of $3.1 billion," was forced out as Chairman of top insurance company American International Group (AIG)" after the company "admitted to $1.7 billion in improper accounting." In Spring 2005, "two of Greenberg's sons, both executives in the insurance business, have also been tarnished by scandal." [1]

Bush Connection

"Greenberg is well-known in Washington where he known for raising large amounts of money. Greenberg was one of the President Bush's 'Rangers' which means he personally raked in more than $200,000 for the reelection campaign. At the same time, he is also known for his access to members of the cabinet and Congress. This access has paid-off as the administration has often supported Greenberg on a number of issues ranging from access to China to terrorism insurance," Ron Scherer reported in the April 1, 2005, Christian Science Monitor.

Affiliations

Resources and articles

Related Sourcewatch

References

  1. Ron Scherer A top insurance company as the new Enron?, Christian Science Monitor, April 1, 2005
  2. US China Business Council Board, organizational web page, accessed November 20, 2013.
  3. Overview, National Coalition on Asia and International Education in the Schools, accessed December 24, 2007.
  4. Trustees, Rockefeller University, accessed December 28, 2007.
  5. Trustees, New York University, accessed June 16, 2010.
  6. Advisory Boards, International Economic Alliance, accessed January 15, 2008.
  7. Trustees, Museum of Modern Art, accessed September 16, 2009.

"AIG Two"

The New York Times reported in October 2009 that Greenberg "has been quietly building up a family of insurance companies that could compete with A.I.G. To fill the ranks of his venture, C.V. Starr & Company, he has been hiring some people he once employed."[1] "'Basically, he’s just starting "A.I.G. Two" and raiding people out of "A.I.G. One," ' said Douglas A. Love, an insurance executive who has also hired A.I.G. talent for his company, Investors Guaranty Fund of Pembroke, Bermuda."[1]

The Times reported speculation that "Greenberg's success may be at the expense of taxpayers. People who work in the industry say that if he is already luring A.I.G.'s people, he may soon be siphoning off its business and, therefore, its means to repay its debt to the government."[1]

Resources and articles

Related Sourcewatch

References

  1. 1.0 1.1 1.2 Mary Williams Walsh, "Ex-A.I.G. Chief Is Back, Luring Talent From Rescued Firm," New York Times, October 27, 2009, at A1.

External links