Maurice R. Greenberg
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| Maurice R. Greenberg | |
| Born | May 25, 1925 New York |
|---|---|
| Nationality | American |
| Education | LLB |
| Alma mater | University of Miami New York Law School |
| Occupation | lawyer and insurance executive |
| Spouse(s) | Corinne Phyllis Zuckerman (1950-present) |
| Children | 4 |
| Parents | Jacob Greenberg and Ada (Reingold) Greenberg[1] |
Maurice Raymond "Hank" Greenberg (born May 4, 1925 in New York City) is a businessman and former chairman and CEO of American International Group (AIG), which under his tenure, was the world's 18th largest public company and its largest insurance and financial services corporation.
He is currently chairman and CEO of C.V. Starr and Company, a diversified financial services firm that is named for the founder of AIG, Cornelius Vander Starr.
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[edit] US Army, University of Miami and New York Law School
Greenberg served in the U. S. Army in Europe during World War II, participating in the Liberation of Dachau and in the Korean conflict, rising to the rank of Captain; he is a recipient of the Bronze Star. He received his Bachelor's Degree in pre-law from the University of Miami and his law degree from New York Law School in 1950. He was admitted to the New York Bar in 1953. He holds honorary degrees from several colleges including Brown University, Middlebury College and New York Law School.
[edit] Rise and fall at AIG
In 1962, Greenberg was named by AIG's founder, Cornelius Vander Starr, as the head of AIG's failing North American holdings. In 1968, Starr picked Greenberg as his successor. Greenberg held the position until 2005, when he stepped down amid a major accounting scandal and was replaced by Martin J. Sullivan. He was subsequently the subject of New York State civil charges which are still unresolved.[2]
Greenberg was both a social friend and client of Henry Kissinger, utilising his consultancy, Kissinger Associates, for advice and operations in a number of countries, particularly in Asia. In 1987 he appointed Kissinger as chairman of AIG's International Advisory Board.[3]
He is married and has four children. He is the father of Jeffrey W. Greenberg, former chairman and CEO of Marsh & McLennan Companies (MMC) before he was ousted, and of Evan G. Greenberg, president and CEO of ACE Limited. Together, he and his sons controlled a major portion of the insurance industry.
[edit] Other public positions
Mr. Greenberg is Honorary Vice Chairman and Director of the Council on Foreign Relations and a member of David Rockefeller's Trilateral Commission. In the 1980s, his extensive foreign connections prompted the Reagan administration to offer him a job as Deputy Director of the CIA, which he declined.
He was appointed as a member of the Hong Kong Chief Executive's Council of International Advisers in the years of 1998-2005[1].
He was awarded "CEO of the Year 2003" by Chief Executive Magazine. [4].
He is a former Chairman and currently a Trustee of the Asia Society, Trustee Emeritus of the Rockefeller University, and is an honorary Trustee of the Museum of Modern Art, all three institutions founded by the Rockefeller family.
He is also a former Chairman and current member of the US–Korea Business Council, a member of the US–China Business Council, and the Business Council. He has served on the Board of Directors of the New York Stock Exchange, the President’s Advisory Committee for Trade Policy and Negotiations, and the Business Roundtable. He is a past Chairman, Deputy Chairman and Director of the Federal Reserve Bank of New York.
Mr. Greenberg is Chairman Emeritus of New York-Presbyterian Hospital and the New York-Presbyterian Hospital Foundation, Inc. He serves as a member of the Board of Overseers of the Weill Medical School of Cornell University, Life Trustee of New York University, Trustee for the School of Risk Management, Insurance, and Actuarial Science and is Chairman of the Academic Medicine Development Company (AMDeC). He is on the Board of Directors of the International Rescue Committee and is active in a number of other civic and charitable organizations. He was a former Trustee of the American Museum of Natural History.
As Chairman of The Starr Foundation, Greenberg oversees the disbursement of major financial support to academic, medical, cultural, and public policy institutions.
[edit] Interaction with Mahmoud Ahmadinejad
On September 20, 2006, the Council on Foreign Relations hosted a small meeting of select council members with Iranian President Mahmoud Ahmadinejad. While giving his speech, President Ahmadinejad expressed doubt that the holocaust had occurred. Greenberg responded: "Listen, I went through Dachau during the war. To suggest it didn't occur is simply a lie." President Ahmadinejad responded by asking if Greenberg was old enough to have participated in the liberation of Dachau. [2]
[edit] Fraud allegations
On March 15, 2005, AIG's board forced Greenberg to resign from his post as Chairman and CEO under the shadow of criticism from Eliot Spitzer, attorney general of the state of New York. On May 26, 2005, as part of a series of actions against leaders of large corporations, Spitzer filed a complaint against Greenberg, AIG, and Howard I. Smith (ex-CFO of AIG) alleging fraudulent business practice, securities fraud, common law fraud, and other violations of insurance and securities laws. Greenberg's public statements show that he found the Spitzer investigation to be very troubling. He maintained his innocence throughout the investigation, and alluded to the possibility that Eliot Spitzer might be conducting a high-profile witch-hunt in the interests of furthering his political ambitions.[citation needed]
[edit] Criminal charges
After a subsequent investigation, however, all criminal charges were dropped, and Greenberg was not held responsible for any crimes. The State Attorney General's office however is still pursuing Mr. Greenberg in civil court for many of these same criminal allegations.
[edit] Civil charges
Spitzer did, however, bring civil charges against Greenberg, though he dropped two of the six initial charges in September, 2006.[3] Greenberg's attorney claimed vindication with the dropping of the two charges, but Spitzer's office maintained that the four remaining charges are the core of the State's original charges.
[edit] Biography
Greenberg's career is chronicled in the 2006 book Fallen Giant: The Amazing Story of Hank Greenberg and the History of AIG.[4].
[edit] Notes
- "Greenberg and Sons", Fortune magazine, Feb. 21, 2005.
- Maurice R. Greenberg profile at NNDB.
- $50 Million Gift to Advance Yale’s China Collaborations, Yale University, September 28, 2006.
[edit] References
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This article includes a list of references, related reading or external links, but its sources remain unclear because it lacks inline citations. Please improve this article by introducing more precise citations where appropriate. (December 2008) |
- ^ Sleeman, Elizabeth (2003), The International Who's Who 2004 (67 ed.), Routledge, p. 646, ISBN 1857432177
- ^ MSNBC-AIG's meltdown has roots in Greenberg era
- ^ Kissinger connection - see Walter Isaacson, Kissinger: A Biography, New York: Simon & Schuster, 1992, (updated 2005). (p739-40)
- ^ {{cite web|url=http://www.chiefexecutive.net/ME2/Audiences/Default.asp?AudID=257093C D337F495B86A6A07046702F8C|title=2003 CEO of the Year Award: Maurice R. Greenberg, AIG CEO}}
[edit] External links
- Council on Foreign Relations: Biographical information
- "World's Richest People", Forbes magazine, 2004.
- Federal campaign contributions by Maurice R. Greenberg.
- "Two Charges Against AIG's Greenberg Dropped", Associated Press, September 6, 2006. Four charges still stand (Mar 2009)
- Hong Kong SAR: Chief Executive's Council of International Advisors Brief biographical profile.
- Asia Times on Greensberg-AIG Connection to China
- AIG Lawyer: Ex-top exec plundered retirement plan
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