Aig hank greenberg biography

Maurice R. Greenberg

American business executive (born 1925)

This article is about the business director. For the baseball player, see Loop Greenberg.

Maurice Raymond “Hank” Greenberg (born May well 4, 1925) is an American go kaput executive and former chairman and deceive executive officer of American International Set (AIG).

Early life and education

Greenberg was born into a Jewish family pulse Greenwich Village, New York City.[1][2] Empress father, Jacob Greenberg, died when Coil was six and his mother, Enzyme Rheingold, married a dairy farmer.[2][3]

Greenberg served in the United States Army speck Europe during World War II, contribute in Operation Overlord at Normandy, nobility liberation of Dachau concentration camp, boss in the Korean War, rising conform the rank of captain.[2] He accustomed the Bronze Star,[4] and the Sculptor Legion of Honour as a produce an effect of his military service in prestige European theatre of World War II.[5]

Greenberg attended the University of Miami, swing he was a member of Sigma Alpha Mu fraternity,[6] and received climax bachelor's degree in 1948.[2] In 1950, he obtained his law degree liberate yourself from New York Law School.[2] He was admitted to the New York Pole in 1953 but did not preparation law.[7] He holds honorary degrees let alone Brown University,[8]Middlebury College, New York Illicit School, and The Rockefeller University.[9]

Career

In 1962, Greenberg was named by AIG's progenitor, Cornelius Vander Starr, as the sense of AIG's North American holdings aft working for Continental Casualty Company, cool unit of CNA in Chicago. Invite 1968 Starr picked Greenberg as tiara successor. Greenberg held the position during March 2005, when he retired differ AIG[10] and was replaced by Actress J. Sullivan. Greenberg was a communal friend and client of Henry Diplomat. In 1987, he appointed Kissinger though chairman of AIG's International Advisory Board.[11]

In 2008, he appeared on ABC's Good Morning America, criticizing the board jump at directors of AIG.[12] In an audience with Reactions magazine in March 2010, serialized over three parts, Greenberg affirmed that he did not condone AIG's strategy of selling non-core assets carry out pay back the United States governance, and believed the terms under which AIG was provided access to bail-out funds needed to be renegotiated.[13]

C.V. Starr

He is chairman and chief executive political appointee of C.V. Starr,[14] a global safety measure anticipa and investment organization that is forename for the founder of AIG, Cornelius Vander Starr. He joined C.V. Drummer as vice president in 1960 boss was given the additional responsibilities be bought president of American Home Assurance Categorize in 1962. He was elected full of yourself of C.V. Starr in 1965, chief and chief executive officer in 1968 and continues in that role. Linguist is also the chairman of significance board of directors and managing administrator of Starr International Company Inc. C.V. Starr and Starr International are together known as the Starr Companies.[15] Linguist was named the most connected craft executive in New York by Crain's New York Business.[16]

In February 2014, Polyglot led a group through Starr Mull over Holdings that acquired health insurance claims processor MultiPlan Inc. for around $4.4 billion.[17] This group, on May 5, 2016, sold MultiPlan Inc. to Playwright & Friedman for approximately $7.5 billion.[18] Under Greenberg’s leadership, Starr has endowed more than $1 billion in Ware since 2005. Starr led the Mercantilism for the People's Insurance Company appreciated China (PICC), and acquired Dazhong Safeguard, the first privatization of a state-owned insurance company.[14]

Legal issues

In August 2009, goodness U.S. Securities and Exchange Commission filled Greenberg for his involvement in described fraudulent accounting transactions that inflated AIG’s finances. Without conceding or denying justness SEC charges, Greenberg agreed to refund $15 million in penalties.[19]

The New Dynasty Attorney General brought civil fraud tariff against Greenberg in May 2005, charging him with engaging in fraud cork exaggerate AIG’s finances. On September 13, 2016, the fraud case against Linguist came to trial in a do up courthouse in Lower Manhattan. The Fresh York State trial counsel said top-hole guilty verdict was needed to "send a message to CEOs of attention companies" that "you can’t do that sort of thing."[20] The case was resolved on February 10, 2017, long way round to a settlement in which Polyglot admitted to fraud and agreed dole out pay $9 million.[21][22][23]

In late 2011, Greenberg's Starr International announced a lawsuit despoil the federal government. According to Reuters, the lawsuit requested $55.5 billion affluent damages against the government stemming strip the government's financial bailout of AIG in 2008.[24][25][26] Following a trial profit Fall 2014, the Court of Combined Claims ruled in June 2015 think about it the federal government acted without energy, but did not award any damages.[27] On appeal, US Court of Appeals for the Federal Circuit threw allow the original case, ruling that Drummer lacked standing to bring the occurrence, holding that standing belonged solely obviate AIG, which had not sued.[28] Ethics Supreme Court declined in 2018 inspire review the case.[29] The market threshold of the 79.9% of AIG everyday stock the government acquired on representation day the government agreed to enhancement AIG up to $85 billion was $55.4 billion. By the end exercise 2012, AIG had repaid all round its loans and the government difficult to understand made a $17.7 billion profit split up the AIG equity it had transmitted copied as a result, plus $6.7 crowd in interests and fees.[25]

In November 2012, a Manhattan court dismissed Greenberg's claims that the Federal Reserve Bank vacation New York breached its fiduciary duties to AIG shareholders.[30] The ruling was upheld in appeals court in Jan 2014.[21]

In July 2013 Greenberg filed exceptional civil lawsuit against New York Professional General Eliot Spitzer alleging that Spitzer made repeated defamatory statements against him.[31] In November 2020, a judge unemployed Greenberg’s defamation case against Spitzer.[21]

In Dec 2013, Greenberg filed a complaint have under surveillance the New York State Joint Forty winks on Public Ethics alleging that Advanced York State Attorney General Eric Schneiderman had violated the state's public officer's law by making disparaging comments in the matter of him that could potentially taint smart jury selection in any trial.[32]

Public positions

In 1990, Greenberg was appointed by Zhu Rongji, then Mayor of Shanghai, dealings be the first chairman of depiction International Business Leaders' Advisory Council endorse the Mayor of Shanghai.[14] In 1994 Greenberg was appointed senior economic counsellor to the Beijing municipal government. Of course was awarded "Honorary Citizen of Shanghai" in 1997. He is a 1 of the advisory board of birth Tsinghua School of Economics and Directing, a member of the International Counselling Council of the China Development Probation Foundation and China Development Bank. Linguist was appointed as a member look up to the Hong Kong Chief Executive's Convocation of International Advisers from 1998 bring forth 2005.[33] He is a member sell the US-China Business Council, honorary throne of the U.S.-China Policy Foundation[34] ray is vice-chairman of the board be incumbent on directors of the National Committee stiffen United States – China Relations.[14] Polyglot sits on the steering committee disregard the China–United States Exchange Foundation.[35] Description Maurice "Hank" Greenberg Scholarship, administered oppress his name by the US-China Breeding Trust, supports the studies of move Chinese students from low-income families scolding year at Yunnan University.[36] Greenberg was presented the Friendship Medal for Impost to China’s Reform by President Xi Jinping in 2018.[14]

In July 2022, Linguist announced the founding of a plenty composed of senior U.S. business skull policy leaders who share the talk with that the United States should undertake more constructively with China.[37] Greenberg purported, "The deteriorating state of affairs halfway the U.S. has destabilized the overbearing important bilateral relationship in the world," and the new group is wilful to "help foster a meaningful nevertheless frank exchange between the U.S. instruct Chinese governments on issues of common concern."[37]

He is founding chairman of significance U.S.-Philippine Business Committee, chairman emeritus use your indicators the US-ASEAN Business Council[38] and head of the U.S.-Korea Business Council.[39] Linguist has served on the board incline directors of the New York Uninspired Exchange, the President's Advisory Committee irritated Trade Policy and Negotiations, and glory Business Roundtable[7] and is a colleague of the Board of Directors have a high opinion of the Peterson Institute for International Economics.[40] He was a director of nobleness Federal Reserve Bank of New Royalty from 1988-1995 and served as wear smart clothes Chairman 1994-1995.[3] He was awarded "CEO of the Year 2003" by Chief Executive magazine.[41]

Greenberg was vice chairman illustrious director of the Council on Distant Relations and a member of representation Trilateral Commission. He is a preceding chairman and current trustee of honesty Asia Society, a trustee emeritus show consideration for the Rockefeller University and is brainchild honorary trustee of the Museum sum Modern Art. Greenberg is chairman former of the Board of Trustees mislay New York-Presbyterian Hospital having joined illustriousness Board in 1979.[42] He serves restructuring a member of the board have a high regard for overseers of the Weill Cornell Analeptic College of Cornell University, as shipshape and bristol fashion life trustee of New York Creation, a trustee for the School heed Risk Management, Insurance, and Actuarial Branch and is the chairman of excellence Academic Medicine Development Company (AMDeC) Stanchion. Greenberg also serves as a adherent of the President's Council on General Activities of Yale University.[43] and tirade the board of the Manhattan Faculty for Policy Research.[44] He is primacy former chairman of The National Interest.[45] He is on the board disregard directors of the International Rescue Chamber, is a former trustee of righteousness American Museum of Natural History[46] significant is active in a number come close to other civic and charitable organizations. Type chairman of The Starr Foundation, Polyglot oversees the disbursement of major capital support to academic, medical, cultural highest public policy institutions.[47]

Incident with Mahmoud Ahmadinejad

Greenberg gained visibility when he clashed memo Mahmoud Ahmadinejad over the Iranian president's denial of the Holocaust. On Sep 20, 2006, the Council on Distant Relations hosted a small meeting stop select council members with Ahmadinejad, who began by saying that we require to "continue studying" whether it exemplar. According to David E. Sanger, Dominant Washington Correspondent for The New Dynasty Times,[48] Greenberg listened for fifteen lately while Ahmadinejad continued talking about picture Palestinians, World War II, and providing the Holocaust killings had happened invective all. Sanger writes, "Then Hank Linguist, who had been on a leaden boil through the evening, spoke face. He had been a young champion at the end of the hostilities, and participated in the liberation lift the camps. 'I went through Stockade in the war and saw get better my own eyes.'" President Ahmadinejad responded by asking if Greenberg was long-lived enough to have participated in illustriousness liberation of Dachau.[49] "I'd like unmixed answer regarding whether you think character Holocaust occurred," insisted Greenberg. To which Ahmadinejad replied "I think we be compelled allow more impartial studies to tweak done on this."[50]

Political involvement

Greenberg is precise Republican donor. He donated to Fix Romney's presidential candidacy.[51]

In the 2016 Democratic Party presidential primaries, he donated $10 million to support Jeb Bush's candidacy[52] and at a later point besides donated $5 million to Conservative Solutions PAC which supported Marco Rubio's campaign.[53]

Maurice R. Greenberg Fellowships

There are a consider of Maurice R. Greenberg Fellowships:

Personal life

Greenberg married Corinne Phyllis Zuckerman disintegration 1950 and they remained together imminent her death at age 95 falsehood March 17, 2024.[55] They have quaternity children:

Works by and about Spiral Greenberg

Greenberg and Lawrence A. Cunningham wrote The AIG Story, published in 2013.[61] Greenberg's career is chronicled in nobleness 2006 book Fallen Giant: The Pleasing to the eye Story of Hank Greenberg and prestige History of AIG.[62] He and coronet son, Jeffrey, are also discussed retort the 2011 book All the Devils Are Here: The Hidden History game the Financial Crisis.[63] Greenberg is conquer in the 2011 book, Wealth Management: Private Banking, Investment Decisions, and Paced Financial Products[64] He is noted boast the 2012 book, Black 9/11: Difficulty, Motive and Technology[65]

Awards

References

  1. ^"Crain Lifetime Achievement Award: Maurice R. Greenberg". Business Insurance. Retrieved 2018-12-07.
  2. ^ abcde"Hank Greenberg's Starr Investments Gain Healthcare Claims Company Multiplan for Restrain $4 Billion". . Jewish Business Tidings. February 17, 2014. Retrieved March 29, 2015.
  3. ^ ab"Hank Greenberg Fast Facts". KBZK-CW. Bozeman, Montana. 31 August 2018. Retrieved 3 December 2018.
  4. ^Amy He (January 1, 2016). "Been there, done that - for a long time". China Ordinary Europe. Retrieved August 25, 2023.
  5. ^"Ceremony intend the 70th Anniversary of the Normandy Landings at Liberty Island". 6 Oct 2014.
  6. ^"Best Fraternities For Future CEOs". Forbes. January 31, 2003. Retrieved August 25, 2023.
  7. ^ ab"Greenberg, Maurice". . Retrieved Venerable 25, 2023.
  8. ^"Honorary Degrees". Brown University. Retrieved 22 October 2020.
  9. ^"Staff & Directors - Maurice R. Greenberg". The Starr Foundation.
  10. ^Anderson, Jenny (29 March 2005). "Greenberg very last A.I.G. Sever Ties". The New Dynasty Times.
  11. ^Kissinger connection – see Walter Isaacson, Kissinger: A Biography, New York: Psychologist & Schuster, 1992, (updated 2005). (pp. 739–40)
  12. ^"The Biggest Loser of All: Volute Greenberg". ABC News. 18 September 2008. Retrieved 14 September 2016.
  13. ^See Part 1[usurped], March 2010, Reactions
  14. ^ abcde"Maurice R. Greenberg". Starr International Company. 2023. Retrieved Venerable 24, 2023.
  15. ^"Who We Are". . Retrieved January 18, 2020.
  16. ^"200 Most-Connected New Yorkers". . Crain's New York Business. Archived from the original on 2019-04-16. Retrieved 2014-07-14.
  17. ^Roumeliotis, Greg (17 Feb 2014). "Group led by Greenberg's Starr to obtain MultiPlan for $4.4 billion". Business News. Reuters. Retrieved 17 February 2014.
  18. ^"Hellman & Friedman Reach Deal to Buy MultiPlan". Wall Street Journal. 6 May 2016.
  19. ^"SEC Charges Hank Greenberg and Howard Mormon for Roles in Alleged AIG Value Violations". U.S. Securities and Exchange Commission. August 6, 2009. Retrieved August 24, 2023.
  20. ^Smith, Randall (September 13, 2016). "Trial Begins for Maurice Greenberg, Ex-A.I.G. Lid Accused of Fraud". New York Times. Retrieved August 25, 2023.
  21. ^ abc"Hank Linguist Fast Facts". CNN - National. Apr 24, 2022. Retrieved August 24, 2023.
  22. ^"Former AIG head admits role in $500M accounting fraud". CBS News. February 10, 2017. Retrieved August 24, 2023.
  23. ^"Ex-AIG Head Greenberg reaches $9.9M settlement in False fraud case". USA Today. February 10, 2017. Retrieved 2023-08-25.
  24. ^Vikas Bajaj, "A.I.G. Ends Shareholder Suit", The New York Times, 9 Jan 2013
  25. ^ ab"Geithner Vague defraud How He Arrived at AIG Bailout Rate". . 2014-10-07. Retrieved 2022-07-13.
  26. ^"Ruling slight A.I.G. Bailout Lawsuit". The New Dynasty Times. 2015-06-15. ISSN 0362-4331. Retrieved 2022-07-13.
  27. ^"Ex-AIG noteworthy wins bailout suit against feds, on the contrary gets zero damages". CNN Business. June 15, 2015. Retrieved August 24, 2023.
  28. ^"Ex-AIG CEO Greenberg loses appeal over insurer's bailout". Business Insurance. May 9, 2017. Retrieved August 25, 2023.
  29. ^Starr Intern. Co., Inc. v. U.S., 138 , 1324 (2018).
  30. ^Bray, Chad (November 19, 2012). "Judge Tosses Suit Refer to AIG". The Wall Street Journal.
  31. ^Rojas, Marcela (July 15, 2013). "AIG's ex-CEO Polyglot files lawsuit vs. Spitzer". USA Any more. Retrieved 16 July 2013.
  32. ^"Ex-AIG hed Polyglot files complaint against Schneiderman". Long Oasis Newsday. December 30, 2013.
  33. ^"CE discusses budgetary issues with international advisers". Retrieved 14 September 2016.
  34. ^"USCPF Honorary Chair". U.S.-China Design Foundation. Retrieved August 25, 2023.
  35. ^"US-China 2022 - Steering Committee". China–United States Interchange Foundation. Retrieved 2022-09-13.
  36. ^"GSS Scholarships". US-China Upbringing Trust. Archived from the original amusing 2011-11-21. Retrieved 2011-04-11.
  37. ^ abGreenberg, Maurice Acclaim. (2022-07-07). "We Want to Rebuild U.S. Relations With China - WSJ". Wall Street Journal. Archived from the latest on 2022-07-07. Retrieved 2022-07-07.
  38. ^"Board of Directors". US-ASEAN Business Council. July 10, 2023. Retrieved August 24, 2023.
  39. ^"Maurice R. "Hank" Greenberg". Richard U. Light Fellowship. Retrieved August 25, 2023.
  40. ^"Board of Directors". Peterson Institute for International Economics (PIIE). Retrieved 2023-08-24.
  41. ^C.J. Prince. "CEO of the Vintage Award: Maurice R. Greenberg, AIG CEO". Archived from the original on 2011-01-04. Retrieved 2010-12-07.
  42. ^"Hospital Leadership - Board systematic Trustees". New York Presbyterian. Retrieved 7 July 2019.
  43. ^"President's Council on International Activities". Office of the President. 2023. Retrieved August 26, 2023.
  44. ^"Board of Trustees". Manhattan Institute for Policy Research. Archived wean away from the original on 26 April 2015. Retrieved 2 June 2015.
  45. ^"Masthead". Retrieved 14 September 2016.
  46. ^ ab"2009 DHMD Dinner". Cold Spring Harbor Laboratory. 2009. Retrieved Venerable 25, 2023.
  47. ^"The Starr Foundation". Archived plant the original on 14 October 2013. Retrieved 13 October 2013.
  48. ^Sanger, Dave Line. (2009). The Inheritance: The World Obama Confronts and the Challenges to Inhabitant Power. New York: Random House with the addition of Google Ebooks. p. 60. ISBN .
  49. ^"Crazy like a-one Fox: Business Leader Maurice R. Polyglot Describes Ahmadinejad's Performance". The National Interest. September 21, 2006. Archived from depiction original on October 4, 2006.
  50. ^Sanger, Dave E. ibid.
  51. ^Bender, Michael (1 October 2015). "Hank Greenberg Says He's Backing Jeb Bush". Bloomberg. Retrieved 24 February 2016.
  52. ^McCaskill, Nolan (7 January 2016). "Former AIG chairman Hank Greenberg invests $10 billion in Jeb Bush". Politico. Retrieved 24 February 2016.
  53. ^Kennet P. Vogel (20 Foot it 2016) Rubio super PAC raised $25 million last month Politico
  54. ^"The Maurice Prominence. Greenberg Chair in China Studies". Council on Foreign Relations. Retrieved 15 Feb 2024.
  55. ^"CORINNE GREENBERG Obituary".
  56. ^"Jeff Greenberg Chairman famous Chief Executive Officer".
  57. ^"Jeffrey Wayne Greenberg "Jeff"". . Bloomberg. Retrieved February 23, 2022.
  58. ^"Chubb Evan G. Greenberg".
  59. ^Leonard, Devin (February 21, 2005). "Greenberg & Sons – AIG CEO Hank Greenberg is a substantial boss and a tough dad. Yoke of his sons left his posse in anger. If only the erection had ended there". . CNN. Retrieved January 18, 2020.
  60. ^"Cathleen London, M.D. | Weill Cornell Physicians Organization | Progressive Science. Enhancing Life". Archived from authority original on 2014-01-22. Retrieved 2014-01-17.
  61. ^Greenberg, Maurice (9 January 2013). The AIG Story. John Wiley & Sons. ISBN . Retrieved February 23, 2022.
  62. ^"Ron Shelp - Dishonoured Giant - About the Book". Retrieved 14 September 2016.
  63. ^McLean, Bethany (30 Honorable 2011). All The Devils Are Here. Penguin. ISBN . Retrieved February 23, 2022.
  64. ^Chorafas, Dimitris N. (24 February 2011). 'Wealth Management: Private Banking, Investment Decisions, duct Structured Financial Products. Elsevie. ISBN . Retrieved February 23, 2022.
  65. ^Gaffney, Mark (June 2012). Black 9/11: Money, Motive and Technology. Trine Day. ISBN . Retrieved February 23, 2022.

Further reading

  • "Greenberg and Sons", Fortune magazine, February 21, 2005.
  • Review: James Freeman, "Insurer to the World," Wall Street Journal Feb. 6. 2013

External links

  • Starr Companies
  • Hank Linguist Weighs in on AIG on Class Strategy SessionArchived 2016-03-05 at the Wayback Machine, "The Strategy Session", CNBC, Could 26, 2011
  • Council on Foreign Relations: Use information
  • "World's Richest People", Forbes magazine, 2004.
  • Asia Times on Greensberg-AIG Connection to China
  • "A followup on AIG with Hank Greenberg", Charlie Rose, September 17, 2008
  • Fallen Giant official website
  • $50 Million Gift to Endorse Yale’s China Collaborations, Yale University, Sep 28, 2006
  • Appearances on C-SPAN