AIG's former CEO gets revenge in new book
Maurice 'Hank' Greenberg casts himself as a brilliant hero who was abused at the hands of overzealous regulators.
The company's former CEO, Hank Greenberg, remembers it all a little differently in his new book, "The AIG Story." Bailout? What bailout? His theory on what saved AIG is this: "It was saved only by the loyalty and tenacity of its valiant workforce," he writes, according to Bloomberg.
The 87-year-old Greenberg is still stewing over the bailout. In fact, he's suing the government, claiming that the bailout violated the constitutional rights of shareholders.
Through his asset management company Starr International, Greenberg owned 12% of AIG before the bailout. He's particularly upset with the way the government swapped a block of preferred stock for 562.9 million common shares. Greenberg also didn't like the 14.5% interest rate the government charged on its loans to AIG.
He was forced out of AIG in 2005 as government regulators started looking closely at him and the company, Bloomberg reports. It seems like Greenberg is out for a little revenge with his book, and casts himself as a "brilliant businessman, an alert risk-taker and a victim of overzealous regulators and ungrateful former colleagues," according to Bloomberg's Susan Antilla.
The core of the book is based on Greenberg's belief that all would have been better if AIG's board hadn't caved in to Eliot Spitzer, who was New York's attorney general at the time, writes Aaron Elstein at Crain's New York Business. Elstein describes a disconnect between how Greenberg sees things and how the rest of us see them.
More on moneyNOW
"Please. You give me far too little credit!" - Captain Zap Brannigan.
Or was it Hank Greenberg?...
Copyright © 2014 Microsoft. All rights reserved.
Fundamental company data and historical chart data provided by Morningstar Inc. Real-time index quotes and delayed quotes supplied by Morningstar Inc. Quotes delayed by up to 15 minutes, except where indicated otherwise. Fund summary, fund performance and dividend data provided by Morningstar Inc. Analyst recommendations provided by Zacks Investment Research. StockScouter data provided by Verus Analytics. IPO data provided by Hoover's Inc. Index membership data provided by Morningstar Inc.
[BRIEFING.COM] Equity indices closed out the month of August on a modestly higher note. The Russell 2000 (+0.6%) and Nasdaq Composite (+0.5%) finished ahead of the S&P 500 (+0.3%), which extended its August gain to 3.8%. Blue chips lagged with the Dow Jones Industrial Average (+0.1%) spending the bulk of the session in the red.
The final week of August represented one of the quietest stretches for the stock market so far this year. The first four sessions of the week produced the ... More
More Market News
These hot movers could rise by double digits in coming months.
MUST-SEE ON MSN
- Video: Easy DIY smoked meats at home
A charcuterie master shares his process for cold-smoking meat at home.
- Jetpacks about to go mainstream
- Weird things covered by home insurance
- Bing: 70 percent of adults report 'digital eye strain'