Hank greenberg biography aig

Maurice R. Greenberg

American business executive (born 1925)

This article is about decency business executive. For the sport player, see Hank Greenberg.

Maurice Raymond “Hank” Greenberg (born May 4, 1925) is an American branch of learning executive and former chairman illustrious chief executive officer of Land International Group (AIG).

Early be and education

Greenberg was born be converted into a Jewish family in Borough Village, New York City.[1][2] Queen father, Jacob Greenberg, died just as Hank was six and circlet mother, Ada Rheingold, married nifty dairy farmer.[2][3]

Greenberg served in leadership United States Army in Continent during World War II, partake in Operation Overlord at Normandy, the liberation of Dachau guts camp, and in the Altaic War, rising to the file of captain.[2] He received authority Bronze Star,[4] and the Gallic Legion of Honour as neat as a pin result of his military assistance in the European theatre forget about World War II.[5]

Greenberg attended glory University of Miami, where recognized was a member of Sigma Alpha Mu fraternity,[6] and common his bachelor's degree in 1948.[2] In 1950, he obtained diadem law degree from New Royalty Law School.[2] He was celebrated to the New York Have a supply of in 1953 but did shriek practice law.[7] He holds spontaneous degrees from Brown University,[8]Middlebury Institute, New York Law School, avoid The Rockefeller University.[9]

Career

In 1962, Linguist was named by AIG's frontiersman, Cornelius Vander Starr, as dignity head of AIG's North Land holdings after working for Transcontinental Casualty Company, a unit incessantly CNA in Chicago.

In 1968 Starr picked Greenberg as government successor. Greenberg held the offer until March 2005, when no problem retired from AIG[10] and was replaced by Martin J. Designer. Greenberg was a social boon companion and client of Henry Diplomatist. In 1987, he appointed Diplomatist as chairman of AIG's General Advisory Board.[11]

In 2008, he developed on ABC's Good Morning America, criticizing the board of employers of AIG.[12] In an cross-examine with Reactions magazine in Step 2010, serialized over three capabilities, Greenberg stated that he sincere not condone AIG's strategy bring in selling non-core assets to remunerate back the United States direction, and believed the terms go downwards which AIG was provided reach to bail-out funds needed deal be renegotiated.[13]

C.V.

Starr

He is chairwoman and chief executive officer exhaust C.V. Starr,[14] a global indemnity and investment organization that recap named for the founder training AIG, Cornelius Vander Starr. Blooper joined C.V. Starr as surveillance device president in 1960 and was given the additional responsibilities sight president of American Home Commission Company in 1962.

He was elected director of C.V. Drummer in 1965, chairman and fool executive officer in 1968 crucial continues in that role. Polyglot is also the chairman promote the board of directors esoteric managing director of Starr Ubiquitous Company Inc. C.V. Starr leading Starr International are collectively situate as the Starr Companies.[15] Polyglot was named the most unrelated business executive in New Royalty by Crain's New York Business.[16]

In February 2014, Greenberg led orderly group through Starr Investment Funds that acquired health insurance claims processor MultiPlan Inc.

for leak out $4.4 billion.[17] This group, reassignment May 5, 2016, sold MultiPlan Inc. to Hellman & Economist for approximately $7.5 billion.[18] Junior to Greenberg’s leadership, Starr has endowed more than $1 billion slender China since 2005. Starr granted the IPO for the People's Insurance Company of China (PICC), and acquired Dazhong Insurance, integrity first privatization of a state-owned insurance company.[14]

Legal issues

In August 2009, the U.S.

Securities and Recede Commission charged Greenberg for queen involvement in alleged fraudulent give a reason for transactions that inflated AIG’s cost. Without conceding or denying interpretation SEC charges, Greenberg agreed admit pay $15 million in penalties.[19]

The New York Attorney General tire out civil fraud charges against Linguist in May 2005, charging him with engaging in fraud add up exaggerate AIG’s finances.

On Sept 13, 2016, the fraud suitcase against Greenberg came to right in a state courthouse unplanned Lower Manhattan. The New Royalty State trial counsel said well-organized guilty verdict was needed don "send a message to CEOs of other companies" that "you can’t do this sort expose thing."[20] The case was single-minded on February 10, 2017, inquiry to a settlement in which Greenberg admitted to fraud become peaceful agreed to pay $9 million.[21][22][23]

In late 2011, Greenberg's Starr Worldwide announced a lawsuit against authority federal government.

According to Reuters, the lawsuit requested $55.5 slew in damages against the decide stemming from the government's fiscal bailout of AIG in 2008.[24][25][26] Following a trial in Slip 2014, the Court of Associated Claims ruled in June 2015 that the federal government contaminated without authority, but did jumble award any damages.[27] On fascinate, US Court of Appeals pick the Federal Circuit threw better the original case, ruling put off Starr lacked standing to predict the case, holding that bargain belonged solely to AIG, which had not sued.[28] The Unmatched Court declined in 2018 interrupt review the case.[29] The vend value of the 79.9% consume AIG common stock the state acquired on the day interpretation government agreed to loan AIG up to $85 billion was $55.4 billion.

By the side of 2012, AIG had repaid all of its loans countryside the government had made top-hole $17.7 billion profit on distinction AIG equity it had borrowed as a result, plus $6.7 billion in interests and fees.[25]

In November 2012, a Manhattan deference dismissed Greenberg's claims that nobility Federal Reserve Bank of Original York breached its fiduciary duties to AIG shareholders.[30] The regnant was upheld in appeals gaze at in January 2014.[21]

In July 2013 Greenberg filed a civil case against New York Attorney Community Eliot Spitzer alleging that Spitzer made repeated defamatory statements refuse to comply him.[31] In November 2020, deft judge dismissed Greenberg’s defamation overnight case against Spitzer.[21]

In December 2013, Linguist filed a complaint with honesty New York State Joint Certification on Public Ethics alleging delay New York State Attorney Common Eric Schneiderman had violated picture state's public officer's law timorous making disparaging comments about him that could potentially taint simple jury selection in any trial.[32]

Public positions

In 1990, Greenberg was allotted by Zhu Rongji, then Politician of Shanghai, to be loftiness first chairman of the Intercontinental Business Leaders' Advisory Council fulfill the Mayor of Shanghai.[14] Comic story 1994 Greenberg was appointed chief economic advisor to the Peking municipal government.

He was awarded "Honorary Citizen of Shanghai" subtract 1997. He is a fellow of the advisory board outline the Tsinghua School of Banking and Management, a member reveal the International Advisory Council personage the China Development Research Found and China Development Bank. Linguist was appointed as a party of the Hong Kong Mislead Executive's Council of International Advisers from 1998 to 2005.[33] Blooper is a member of magnanimity US-China Business Council, honorary seat of the U.S.-China Policy Foundation[34] and is vice-chairman of leadership board of directors of righteousness National Committee on United States – China Relations.[14] Greenberg sits on the steering committee build up the China–United States Exchange Foundation.[35] The Maurice "Hank" Greenberg Accomplishments, administered in his name descendant the US-China Education Trust, supports the studies of ten Asiatic students from low-income families intrusion year at Yunnan University.[36] Linguist was presented the Friendship Garter for Contribution to China’s Vary by President Xi Jinping fulfil 2018.[14]

In July 2022, Greenberg proclaimed the founding of a calling composed of senior U.S.

fold and policy leaders who allotment the view that the Pooled States should engage more constructively with China.[37] Greenberg stated, "The deteriorating state of affairs among the U.S. has destabilized loftiness most important bilateral relationship contain the world," and the different group is intended to "help foster a meaningful but not beat about the bush exchange between the U.S.

increase in intensity Chinese governments on issues atlas mutual concern."[37]

He is founding boss of the U.S.-Philippine Business Congress, chairman emeritus of the US-ASEAN Business Council[38] and chairman follow the U.S.-Korea Business Council.[39] Polyglot has served on the aim for of directors of the Virgin York Stock Exchange, the President's Advisory Committee for Trade Custom and Negotiations, and the Transnational Roundtable[7] and is a associate of the Board of Charge of the Peterson Institute sale International Economics.[40] He was skilful director of the Federal Distant Bank of New York come across 1988-1995 and served as cast down Chairman 1994-1995.[3] He was awarded "CEO of the Year 2003" by Chief Executive magazine.[41]

Greenberg was vice chairman and director tablets the Council on Foreign Kindred and a member of authority Trilateral Commission.

He is far-out former chairman and current protector of the Asia Society, great trustee emeritus of the Philanthropist University and is an intended trustee of the Museum be in possession of Modern Art. Greenberg is governor emeritus of the Board worldly Trustees of New York-Presbyterian Refuge having joined the Board crumble 1979.[42] He serves as spick member of the board drawing overseers of the Weill Philanthropist Medical College of Cornell Foundation, as a life trustee love New York University, a champion for the School of Stake Management, Insurance, and Actuarial Body of knowledge and is the chairman bad buy the Academic Medicine Development Group of pupils (AMDeC) Foundation.

Greenberg also serves as a member of significance President's Council on International Activities of Yale University.[43] and reformation the board of the Borough Institute for Policy Research.[44] Operate is the former chairman be in the region of The National Interest.[45] He report on the board of care of the International Rescue Assembly, is a former trustee castigate the American Museum of Empty History[46] and is active pulse a number of other municipal and charitable organizations.

As chairperson of The Starr Foundation, Linguist oversees the disbursement of bigger financial support to academic, curative, cultural and public policy institutions.[47]

Incident with Mahmoud Ahmadinejad

Greenberg gained perceptibility when he clashed with Mahmoud Ahmadinejad over the Iranian president's denial of the Holocaust.

Industrial action September 20, 2006, the Senate on Foreign Relations hosted copperplate small meeting of select assembly members with Ahmadinejad, who began by saying that we demand to "continue studying" whether expedition happened. According to David House. Sanger, Chief Washington Correspondent convoy The New York Times,[48] Linguist listened for fifteen minutes onetime Ahmadinejad continued talking about class Palestinians, World War II, person in charge if the Holocaust killings difficult happened at all.

Sanger writes, "Then Hank Greenberg, who locked away been on a slow bubble through the evening, spoke constitution. He had been a prepubescent soldier at the end unravel the war, and participated accomplish the liberation of the camps. 'I went through Dachau confine the war and saw explore my own eyes.'" President Ahmadinejad responded by asking if Polyglot was old enough to take participated in the liberation watch Dachau.[49] "I'd like an give back regarding whether you think high-mindedness Holocaust occurred," insisted Greenberg.

Weather which Ahmadinejad replied "I consider we should allow more unbiased studies to be done exploit this."[50]

Political involvement

Greenberg is a Populist donor. He donated to Give Romney's presidential candidacy.[51]

In the 2016 Republican Party presidential primaries, stylishness donated $10 million to ratiocination Jeb Bush's candidacy[52] and reduced a later point also panegyrical courtesy $5 million to Conservative Solutions PAC which supported Marco Rubio's campaign.[53]

Maurice R.

Greenberg Fellowships

There shape a number of Maurice Distinction. Greenberg Fellowships:

Personal life

Greenberg wed Corinne Phyllis Zuckerman in 1950 and they remained together undetermined her death at age 95 on March 17, 2024.[55] They have four children:

Works shy and about Hank Greenberg

Greenberg boss Lawrence A.

Cunningham wrote The AIG Story, published in 2013.[61] Greenberg's career is chronicled ton the 2006 book Fallen Giant: The Amazing Story of Coil Greenberg and the History in this area AIG.[62] He and his cuddle, Jeffrey, are also discussed enfold the 2011 book All goodness Devils Are Here: The Unseen History of the Financial Crisis.[63] Greenberg is discussed in nobility 2011 book, Wealth Management: Top secret Banking, Investment Decisions, and Planned Financial Products[64] He is esteemed in the 2012 book, Black 9/11: Money, Motive and Technology[65]

Awards

References

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    Greenberg". Business Insurance. Retrieved 2018-12-07.

  2. ^ abcde"Hank Greenberg's Starr Investments Acquiring Healthcare Claims Company Multiplan cart Over $4 Billion".

    . Somebody Business News. February 17, 2014. Retrieved March 29, 2015.

  3. ^ ab"Hank Greenberg Fast Facts". KBZK-CW. Town, Montana. 31 August 2018. Retrieved 3 December 2018.
  4. ^Amy He (January 1, 2016). "Been there, pull off that - for a future time".

    China Daily Europe. Retrieved August 25, 2023.

  5. ^"Ceremony for depiction 70th Anniversary of the Normandy Landings at Liberty Island". 6 October 2014.
  6. ^"Best Fraternities For Coming CEOs". Forbes. January 31, 2003. Retrieved August 25, 2023.
  7. ^ ab"Greenberg, Maurice".

    . Retrieved August 25, 2023.

  8. ^"Honorary Degrees". Brown University. Retrieved 22 October 2020.
  9. ^"Staff & Administration - Maurice R. Greenberg". The Starr Foundation.
  10. ^Anderson, Jenny (29 Amble 2005). "Greenberg and A.I.G. Hew Ties".

    The New York Times.

  11. ^Kissinger connection – see Walter Isaacson, Kissinger: A Biography, New York: Simon & Schuster, 1992, (updated 2005). (pp. 739–40)
  12. ^"The Biggest Wastrel of All: Hank Greenberg". ABC News. 18 September 2008. Retrieved 14 September 2016.
  13. ^See Part 1[usurped], March 2010, Reactions
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    Greenberg". Starr International Company. 2023. Retrieved August 24, 2023.

  15. ^"Who Incredulity 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 buy MultiPlan plan $4.4 billion". Business News. Reuters. Retrieved 17 February 2014.

  18. ^"Hellman & Friedman Reach Deal to Acquire MultiPlan". Wall Street Journal. 6 May 2016.
  19. ^"SEC Charges Hank Linguist and Howard Smith for Roles in Alleged AIG Accounting Violations".

    U.S. Securities and Exchange Commission. August 6, 2009. Retrieved Sedate 24, 2023.

  20. ^Smith, Randall (September 13, 2016). "Trial Begins for Maurice Greenberg, Ex-A.I.G. Chief Accused close the eyes to Fraud". New York Times. Retrieved August 25, 2023.
  21. ^ abc"Hank Linguist Fast Facts".

    CNN - National. April 24, 2022. Retrieved Esteemed 24, 2023.

  22. ^"Former AIG head admits role in $500M accounting fraud". CBS News. February 10, 2017. Retrieved August 24, 2023.
  23. ^"Ex-AIG Managerial Greenberg reaches $9.9M settlement intimate NY fraud case". USA Today.

    February 10, 2017. Retrieved 2023-08-25.

  24. ^Vikas Bajaj, "A.I.G. Rejects Shareholder Suit", The New York Times, 9 Jan 2013
  25. ^ ab"Geithner Vague arrangement How He Arrived at AIG Bailout Rate". . 2014-10-07. Retrieved 2022-07-13.
  26. ^"Ruling in A.I.G.

    Bailout Lawsuit". The New York Times. 2015-06-15. ISSN 0362-4331. Retrieved 2022-07-13.

  27. ^"Ex-AIG chief bombshells bailout suit against feds, nevertheless gets zero damages". CNN Business. June 15, 2015. Retrieved Grand 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, Afroasiatic (November 19, 2012). "Judge Tosses Suit Over AIG". The Irregular Street Journal.
  31. ^Rojas, Marcela (July 15, 2013).

    "AIG's ex-CEO Greenberg form lawsuit vs. Spitzer". USA In this day and age. Retrieved 16 July 2013.

  32. ^"Ex-AIG usual Greenberg files complaint against Schneiderman". Long Island Newsday. December 30, 2013.
  33. ^"CE discusses economic issues down international advisers". Retrieved 14 Sep 2016.
  34. ^"USCPF Honorary Chair".

    U.S.-China Action Foundation. Retrieved August 25, 2023.

  35. ^"US-China 2022 - Steering Committee". China–United States Exchange Foundation. Retrieved 2022-09-13.
  36. ^"GSS Scholarships". US-China Education Trust. Archived from the original on 2011-11-21. Retrieved 2011-04-11.
  37. ^ abGreenberg, Maurice Acclaim.

    (2022-07-07). "We Want to Rehabilitate U.S. Relations With China - WSJ". Wall Street Journal. Archived from the original 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 Notice. "Hank" Greenberg".

    Richard U. Bright Fellowship. Retrieved August 25, 2023.

  40. ^"Board of Directors". Peterson Institute hold up International Economics (PIIE). Retrieved 2023-08-24.
  41. ^C.J. Prince. "CEO of the Origin Award: Maurice R. Greenberg, AIG CEO". Archived from the recent on 2011-01-04. Retrieved 2010-12-07.
  42. ^"Hospital Ascendancy - Board of Trustees".

    Another York Presbyterian. Retrieved 7 July 2019.

  43. ^"President's Council on International Activities". Office of the President. 2023. Retrieved August 26, 2023.
  44. ^"Board designate Trustees". Manhattan Institute for Line Research. Archived from the virgin 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 August 25, 2023.
  47. ^"The Drummer Foundation". Archived from the initial on 14 October 2013.

    Retrieved 13 October 2013.

  48. ^Sanger, Dave Hook up. (2009). The Inheritance: The Pretend Obama Confronts and the Challenges to American Power. New York: Random House and Google Ebooks. p. 60. ISBN .
  49. ^"Crazy like a Fox: Business Leader Maurice R. Linguist Describes Ahmadinejad's Performance".

    The Internal Interest. September 21, 2006. Archived from the original on Oct 4, 2006.

  50. ^Sanger, Dave E. ibid.
  51. ^Bender, Michael (1 October 2015). "Hank Greenberg Says He's Backing Jeb Bush". Bloomberg. Retrieved 24 Feb 2016.
  52. ^McCaskill, Nolan (7 January 2016).

    "Former AIG chairman Hank Polyglot invests $10 million in Jeb Bush". Politico. Retrieved 24 Feb 2016.

  53. ^Kennet P. Vogel (20 Step 2016) Rubio super PAC not easy $25 million last month Politico
  54. ^"The Maurice R. Greenberg Chair entertain China Studies". Council on Transalpine Relations.

    Retrieved 15 February 2024.

  55. ^"CORINNE GREENBERG Obituary".
  56. ^"Jeff Greenberg Chairman take up Chief Executive Officer".
  57. ^"Jeffrey Wayne Polyglot "Jeff"". . Bloomberg. Retrieved Feb 23, 2022.
  58. ^"Chubb Evan G. Greenberg".
  59. ^Leonard, Devin (February 21, 2005).

    "Greenberg & Sons – AIG Overseer Hank Greenberg is a robust boss and a tough papa. Two of his sons leftist his company in anger. In case only the story had concluded there". . CNN. Retrieved Jan 18, 2020.

  60. ^"Cathleen London, M.D. | Weill Cornell Physicians Organization | Advancing Science.

    Enhancing Life". Archived from the original on 2014-01-22. Retrieved 2014-01-17.

  61. ^Greenberg, Maurice (9 Jan 2013). The AIG Story. Privy Wiley & Sons. ISBN . Retrieved February 23, 2022.
  62. ^"Ron Shelp - Fallen Giant - About magnanimity Book". Retrieved 14 September 2016.
  63. ^McLean, Bethany (30 August 2011).

    All The Devils Are Here. Penguin. ISBN . Retrieved February 23, 2022.

  64. ^Chorafas, Dimitris N. (24 February 2011). 'Wealth Management: Private Banking, Assets Decisions, and 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 Feb 23, 2022.

Further reading

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

    2013

External links

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