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Maurice R. Greenberg

From Alfawiki
Maurice R. "Hank" Greenberg
Born (1925-05-04) May 4, 1925 (age 101)
Greenwich Village, New York City, U.S.
Occupation(s)Corporate leader, former chairman and CEO of American International Group (AIG)
Years active1960–present
Known forChairman and CEO of AIG; Chairman and CEO of C.V. Starr; leadership in insurance industry

Maurice Raymond “Hank” Greenberg (born May 4, 1925) is a prominent American corporate leader and the former chairman and chief executive officer of American International Group (AIG).

Early life and education

Greenberg was born into a Jewish household in Greenwich Village, New York City. His father passed away when he was six years old, after which his mother remarried a dairy farmer.

He served in the United States Army during both World War II and the Korean War, taking part in significant missions including Operation Overlord at Normandy and the liberation of the Dachau concentration camp, ultimately achieving the rank of captain. His military honors include the Bronze Star Medal and the French Legion of Honour.

Greenberg graduated with a bachelor's degree from the University of Miami in 1948, where he was affiliated with the Sigma Alpha Mu fraternity. He earned his law degree from New York Law School in 1950. Although admitted to the New York Bar in 1953, he never practiced law professionally. He has been awarded honorary degrees by Brown University, Middlebury College, New York Law School, and The Rockefeller University.

Career

In 1962, following his tenure at Continental Casualty Company (CNA), Greenberg was appointed by AIG’s founder, Cornelius Vander Starr, to oversee AIG’s North American operations. Six years later, in 1968, Starr designated Greenberg as his successor to lead AIG as CEO—a role Greenberg retained until his retirement in March 2005, when he was succeeded by Martin J. Sullivan. Greenberg fostered a close association with Henry Kissinger, appointing him chairman of AIG’s International Advisory Board in 1987.

In 2008, Greenberg openly criticized AIG’s board during an appearance on ABC's Good Morning America. In a 2010 interview with Reactions magazine, he expressed opposition to AIG’s approach of divesting non-core assets to repay government bailout funds and advocated for renegotiating the bailout conditions.

C.V. Starr

Greenberg holds the positions of chairman and CEO at C.V. Starr, a global insurance and investment company named after AIG’s founder. He joined as vice president in 1960, became president of American Home Assurance Company in 1962, was appointed director of C.V. Starr in 1965, and ascended to chairman and CEO in 1968—a capacity he continues to serve. Additionally, he is chairman and managing director of Starr International Company Inc.; together these form the Starr Companies. Crain's New York Business recognized him as New York’s most well-connected business executive.

In February 2014, under Greenberg’s leadership through Starr Investment Holdings, a consortium acquired health insurance claims processor MultiPlan Inc. for around $4.4 billion. This group later sold MultiPlan to Hellman & Friedman in May 2016 for approximately $7.5 billion. Since 2005, Starr has invested over $1 billion in China under Greenberg’s guidance, orchestrating the IPO for the People's Insurance Company of China (PICC) and acquiring Dazhong Insurance—the first instance of privatizing a state-owned insurer.

Legal issues

In August 2009, the U.S. Securities and Exchange Commission charged Greenberg with fraudulent accounting practices that allegedly inflated AIG’s financial statements. Without admitting or denying these allegations, he agreed to pay $15 million in penalties.

The New York Attorney General brought civil fraud charges against Greenberg in May 2005 for purportedly overstating AIG’s financial condition. The trial commenced in September 2016, with prosecutors highlighting CEO accountability. The matter was resolved in February 2017 when Greenberg admitted to fraud and consented to pay $9 million.

In late 2011, Greenberg’s Starr International initiated litigation against the federal government seeking $55.5 billion related to the 2008 AIG bailout. After a trial in 2014, the Court of Federal Claims found that the government had acted beyond its authority but awarded no damages. The US Court of Appeals for the Federal Circuit subsequently dismissed the suit on grounds that Starr lacked standing since only AIG could pursue such claims. The Supreme Court declined to hear the case in 2018. During the bailout, the government had acquired a 79.9% stake in AIG valued at $55.4 billion; by 2012, all loans were repaid with the government realizing profits totaling $17.7 billion plus $6.7 billion in fees.

In November 2012, a Manhattan court dismissed Greenberg’s allegations that the Federal Reserve Bank of New York breached fiduciary duties owed to AIG shareholders; this decision was upheld on appeal in January 2014.

In July 2013, Greenberg filed a defamation lawsuit against New York Attorney General Eliot Spitzer, which was dismissed in November 2020.

In December 2013, Greenberg lodged a complaint with the New York State Joint Commission on Public Ethics accusing Attorney General Eric Schneiderman of violating public officer statutes by making disparaging remarks that could influence jury selection.

Public roles

In 1990, Greenberg was designated by Zhu Rongji, then serving as Mayor of Shanghai, to be the inaugural chairman of the International Business Leaders' Advisory Council for Shanghai. Four years later, in 1994, he took on the role of senior economic advisor to the municipal government of Beijing and was honored as an "Honorary Citizen of Shanghai" in 1997. His advisory contributions extend to institutions such as the Tsinghua School of Economics and Management, the China Development Research Foundation, and the China Development Bank. Between 1998 and 2005, Greenberg participated as a member of the Hong Kong Chief Executive's Council of International Advisers. His involvement also includes key positions with the US-China Business Council, serving as honorary chair for the U.S.-China Policy Foundation and vice-chairman on the board of the National Committee on United States – China Relations. Furthermore, he is part of the steering committee for the China–United States Exchange Foundation. The Maurice "Hank" Greenberg Scholarship annually supports ten Chinese students attending Yunnan University. In recognition of his contributions to China's reform efforts, President Xi Jinping awarded him the Friendship Medal in 2018.

In July 2022, Greenberg established a coalition comprising senior U.S. business and policy figures committed to promoting more positive engagement between the United States and China. He highlighted that worsening relations have jeopardized this vital bilateral partnership and stressed the importance of open dialogue addressing shared challenges.

Greenberg holds founding chairman status at the U.S.-Philippine Business Committee and is chairman emeritus of the US-ASEAN Business Council, as well as chairman of the U.S.-Korea Business Council. His previous appointments include director at the New York Stock Exchange, membership on the President's Advisory Committee for Trade Policy and Negotiations, and board roles with both the Business Roundtable and Peterson Institute for International Economics. From 1988 to 1995, he served on the board of the Federal Reserve Bank of New York, including a term as chairman from 1994 to 1995. The magazine Chief Executive recognized him as "CEO of the Year 2003."

He has held the position of vice chairman and director at the Council on Foreign Relations and was a member of the Trilateral Commission. Greenberg is past chairman and currently a trustee at the Asia Society, trustee emeritus at Rockefeller University, and honorary trustee at the Museum of Modern Art. Since joining in 1979, he has been chairman emeritus of the Board of Trustees at New York-Presbyterian Hospital. Additional affiliations include board membership at Weill Cornell Medical College, life trusteeship at New York University, trusteeship for the School of Risk Management, Insurance, and Actuarial Science, chairmanship of AMDeC Foundation, participation in Yale University's President's Council on International Activities, and board involvement with the Manhattan Institute for Policy Research. He formerly chaired The National Interest and currently serves on boards such as the International Rescue Committee. As chairman of The Starr Foundation, Greenberg also directs significant philanthropic funding initiatives.

Confrontation with Mahmoud Ahmadinejad

Greenberg attracted significant attention when he directly challenged Mahmoud Ahmadinejad regarding his denial of the Holocaust. On September 20, 2006, during a session at the Council on Foreign Relations, Ahmadinejad cast doubt on the historical reality of the Holocaust. As reported by David E. Sanger of The New York Times, Greenberg, a former soldier involved in liberating Dachau, refuted Ahmadinejad's assertions by affirming his personal experience witnessing the concentration camps. In response, Ahmadinejad expressed skepticism about Greenberg’s age and called for additional "unbiased research" into the Holocaust.

Political contributions

Greenberg is recognized as a prominent donor within Republican circles. He supported Mitt Romney’s presidential bid and provided $10 million to aid Jeb Bush during the 2016 primary elections. Furthermore, he contributed $5 million to the Conservative Solutions PAC, which supported Marco Rubio’s campaign efforts.

Maurice R. Greenberg Fellowships

Several prestigious fellowships honor Maurice R. Greenberg’s name:

Personal background

In 1950, Greenberg wed Corinne Phyllis Zuckerman, who passed away at age 95 on March 17, 2024. Together, they had four children:

Publications by and about Hank Greenberg

Greenberg co-wrote The AIG Story (2013) alongside Lawrence A. Cunningham. His professional journey is chronicled in Fallen Giant: The Amazing Story of Hank Greenberg and the History of AIG (2006). Both he and his son Jeffrey are featured in All the Devils Are Here: The Hidden History of the Financial Crisis (2011). He also appears in Wealth Management: Private Banking, Investment Decisions, and Structured Financial Products (2011) as well as Black 9/11: Money, Motive and Technology (2012).

Honors

  • 2015: Awarded Commander of the Legion of Honour
  • 2014: Recipient of the Legion of Honour
  • 2009: Honored with the Double Helix Medal
  • 1952: Earned the Bronze Star Medal for service during the Korean War

Additional reading

  • "Greenberg and Sons," Fortune magazine, February 21, 2005.
  • James Freeman review titled "Insurer to the World," published in Wall Street Journal, February 6, 2013

External resources


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