Maurice R. Greenberg
Maurice R. Greenberg
Maurice Raymond Greenberg
May 4, 1925
New York City, U.S.
|Education||University of Miami Pre-Law Certificate, (BA)|
New York Law School (LLB)
|Children||4, including Jeffrey and Evan|
Maurice Raymond "Hank" Greenberg (born May 4, 1925) is an American business executive and former chairman and chief executive officer of American International Group (AIG), which was the world's 18th largest public company and the largest insurance and financial services corporation in history.
He is chairman and chief executive officer of C.V. Starr, a diversified financial services firm that is named for the founder of AIG, Cornelius Vander Starr. He joined C.V. Starr as vice president in 1960 and was given the additional responsibilities of president of American Home Assurance Company in 1962. He was elected director of C.V. Starr in 1965, chairman and chief executive officer in 1968 and continues in that role. Greenberg is also the chairman of the board of directors and managing director of Starr International Company Inc. C.V. Starr and Starr International are collectively known as the Starr Companies. Greenberg was named the most connected business executive in New York by Crain's New York Business.
Greenberg was born in Greenwich Village, New York City. His father, Jacob Greenberg, died when Hank was six and his mother, Ada Rheingold, married a dairy farmer. Greenberg served in the United States Army in Europe during World War II, participating in Operation Overlord (the Normandy Landings), Liberation of Dachau, and in the Korean War, rising to the rank of captain; he is a recipient of the Bronze Star, as well as Commandeur of the French Ordre National de la Legion d' Honneur as a result of his military service in the European Theater during World War II. He received his pre-law certificate from the University of Miami in 1948  where he was a member of Sigma Alpha Mu fraternity, 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, New York Law School and The Rockefeller University.
Rise and fall at AIG
In 1962 Greenberg was named by AIG's founder, Cornelius Vander Starr, as the head of AIG's North American holdings after working for Continental Casualty Company, a unit of CNA in Chicago. In 1968 Starr picked Greenberg as his successor. Greenberg held the position until March 2005, when he retired from AIG and was replaced by Martin J. Sullivan. He was subsequently the subject of New York State civil charges which were resolved on February 10, 2017, subject to a settlement (without any admission of wrongdoing) with the office of the New York Attorney General. Greenberg is a social friend and was a client of Henry Kissinger. In 1987 he appointed Kissinger as chairman of AIG's International Advisory Board.
In 2003, Vladimir Putin pursued an economic agenda for Russia to begin normalized trade relations with the West which included the repeal of the Jackson–Vanik amendment. Putin tried to use his relationship with Hank Greenberg to repeal the Jackson-Vannik provisions in the United States. Putin wanted Greenberg to support through American Insurance Group greater development of the nascent Russian home-mortgage market.
In 2008 he appeared on ABC's "Good Morning America" criticizing the board of directors of AIG. In an interview with Reactions magazine in March 2010, serialized over three parts, Greenberg stated that he did not condone AIG's strategy of selling non-core assets to pay back the United States government, and believed the terms under which AIG was provided access to bail-out funds needed to be renegotiated.
Other public positions
Greenberg is chairman emeritus of the US-ASEAN Business Council. He was also vice chairman and director of the Council on Foreign Relations and a member of David Rockefeller's Trilateral Commission. He was awarded "CEO of the Year 2003" by Chief Executive Magazine.
In 1990 Greenberg was appointed by Zhu Rongji, then Mayor of Shanghai, to be the first chairman of the International Business Leaders' Advisory Council for the Mayor of Shanghai. In 1994 Greenberg was appointed senior economic advisor to the Beijing municipal government. He was awarded "Honorary Citizen of Shanghai" in 1997. He is a member of the advisory board of the Tsinghua School of Economics and Management, a member of the International Advisory Council of the China Development Research Foundation and China Development Bank.
Greenberg was appointed as a member of the Hong Kong Chief Executive's Council of International Advisers where he served from 1998 to 2005. He is a former chairman and current trustee of the Asia Society, a 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 and a member of the US–China 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 was a director of the Federal Reserve Bank of New York from 1988-1995 and served as its Chairman from 1994-5. He is vice-chairman of the board of directors of the National Committee on United States – China Relations.
Greenberg is chairman emeritus of the Board of Trustees of New York-Presbyterian Hospital and joined the Board 1979. He serves as a member of the board of overseers of the Weill Cornell Medical College of Cornell University, as a life trustee of New York University, a trustee for the School of Risk Management, Insurance, and Actuarial Science and is the chairman of the Academic Medicine Development Company. Greenberg also serves as a member of the President's Council on International Activities of Yale University. 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 is a former trustee of the American Museum of Natural History. He also serves on the board of the Manhattan Institute for Policy Research.
As chairman of The Starr Foundation, Greenberg oversees the disbursement of major financial support to academic, medical, cultural, and public policy institutions. He is also the former chairman of The National Interest. The Maurice "Hank" Greenberg Scholarship, administered in his name by the US-China Education Trust, supports the studies of ten Chinese students from low-income families each year at Yunnan University. In February 2014 Greenberg led a group through Starr Investment Holdings that acquired health insurance claims processor MultiPlan Inc for around $4.4 billion. This group, on May 5, 2016, sold MultiPlan Inc. to Hellman & Friedman for approximately $7.5 billion.
Incident with Mahmoud Ahmadinejad
Greenberg gained visibility when he clashed with Mahmoud Ahmadinejad over the Iranian president's denial of the Holocaust. On September 20, 2006, the Council on Foreign Relations hosted a small meeting of select council members with Ahmadinejad, who began by saying that we need to "continue studying" whether it happened. According to David E. Sanger, Chief Washington Correspondent for The New York Times, Greenberg listened for fifteen minutes while Ahmadinejad continued talking about the Palestinians, World War II, and if the Holocaust killings had happened at all. Sanger writes, "Then Hank Greenberg, who had been on a slow boil through the evening, spoke up. He had been a young soldier at the end of the war, and participated in the liberation of the camps. 'I went through Dachau in the war and saw with my own eyes.'" President Ahmadinejad responded by asking if Greenberg was old enough to have participated in the liberation of Dachau. "I'd like an answer regarding whether you think the Holocaust occurred," insisted Greenberg. To which Ahmadinejad replied "I think we should allow more impartial studies to be done on this."
The State Attorney General's Office pursued Greenberg in a New York State civil court action which concluded with a settlement (without any admission of wrongdoing) on February 10, 2017. Eliot Spitzer did bring civil charges against Greenberg, though Spitzer and his successors dropped seven of the nine initial charges. Those charges were brought under a 1921 New York State blue sky law (the Martin Act) that authorizes the New York Attorney General to seek relief for alleged violations of the state securities laws without the need to prove a knowing violation of the law (scienter) or an intent to defraud.
In November 2012 a Manhattan court dismissed Greenberg's claims that the Federal Reserve Bank of New York breached its fiduciary duties to AIG shareholders. In late 2011 Greenberg's Starr International announced a lawsuit against the federal government. According to Reuters, the lawsuit seeks $55.5 billion in damages against the government stemming from the government's financial bailout in 2008. Following a lengthy trial in Fall 2014, the Court of Federal Claims ruled in June 2015 that the federal government acted without authority, but did not award any damages. In a decision on appeal in the US Court of Appeals for the Federal Circuit in Washington, DC, a three judge panel remained silent with regard to the Court of Claims decision on both liability and damages, but claimed that Starr lacked standing to file the suit in question, holding that standing belonged solely to AIG. The Supreme Court declined in 2018 to review the case.[unreliable source?] The market value of the 79.9% of AIG common stock the government acquired on the day of the government agreed to loan AIG up to $85 billion was $55.4 billion. By the end of 2012, AIG had repaid all of its loans and the government had made a $17.7 billion profit on the AIG equity it had acquired as a result, plus $6.7 billion in interests and fees.
In July 2013 Greenberg filed a civil lawsuit against Spitzer alleging that Spitzer made repeated defamatory statements against him. This matter is stayed pending a decision on cross-appeals that were argued before the Second Department of New York's Appellate Division in March 2016. In December, 2013 Greenberg filed a complaint with the New York State Joint Commission on Public Ethics alleging that New York State Attorney General Eric Schneiderman had violated the state's public officer's law by making disparaging comments about him that could potentially taint a jury venire in any trial.
Greenberg is a major Republican donor. He donated to Mitt Romney's presidential candidacy. In the Republican Party presidential primaries, 2016 he donated $10 million to support Jeb Bush's candidacy and at a later point also donated $5 million to Conservative Solutions PAC which supported Marco Rubio's campaign.
Greenberg married Corinne Phyllis Zuckerman in 1950 and they have four children:
- Jeffrey W. Greenberg, former chairman and chief executive officer of Marsh & McLennan Companies, current[when?] chairman and chief executive officer of Aquiline Capital Partners in New York.
- Evan G. Greenberg, chairman and chief executive officer of Chubb Ltd and Chubb Group.
- L. Scott Greenberg, venture capitalist in New York.
- Cathleen Greenberg London, physician in Milbridge, ME.
Greenberg and Lawrence Cunningham wrote The AIG Story. Greenberg's career is chronicled in the 2006 book Fallen Giant: The Amazing Story of Hank Greenberg and the History of AIG. He is also mentioned in the book "All the devils are here".
- 2015: Commandeur de l'Ordre National de la Légion d'honneur
- 2014: French Ordre National de la Légion d'honneur
- 2009: Double Helix Medal
- 1952: Bronze Star Medal for service in Korea 
- Farrell, Andrew. "In Pictures: Notable Drop-Offs". Forbes.
- "Who We Are". starrcompanies.com. Retrieved January 18, 2020.
- "200 Most-Connected New Yorkers". www.crainsnewyork.com. Crain's New York Business. Archived from the original on 2019-04-16. Retrieved 2014-07-14.
- "Crain Lifetime Achievement Award: Maurice R. Greenberg". Business Insurance. Retrieved 2018-12-07.
- "Hank Greenberg's Starr Investments Buying Healthcare Claims Company Multiplan for Over $4 Billion". jewishbusinessnews.com. Jewish Business News. February 17, 2014. Retrieved March 29, 2015.
- "Hank Greenberg Fast Facts". KBZK-CW. Bozeman, Montana. 31 August 2018. Retrieved 3 December 2018.
- "Ceremony for the 70th Anniversary of the Normandy Landings at Liberty Island". 10 October 2016.
- "Honorary Degrees". Brown University. Retrieved 22 October 2020.
- "Staff & Directors - Maurice R. Greenberg". The Starr Foundation.
- "Greenberg and A.I.G. Sever Ties". 29 March 2005.
- The People v. Maurice Greenberg (PDF).
- Kissinger connection – see Walter Isaacson, Kissinger: A Biography, New York: Simon & Schuster, 1992, (updated 2005). (pp. 739–40)
- Walker, Martin (31 July 2003). "Walker's World: Putin, votes and money". UPI. Retrieved 3 December 2018.
- "The Biggest Loser of All: Hank Greenberg". ABC News. 18 September 2008. Retrieved 14 September 2016.
- See Part 1, March 2010, Reactions
- "Board of Directors - US-ASEAN Business Council". Retrieved 14 September 2016.
- C.J. Prince. "CEO of the Year Award: Maurice R. Greenberg, AIG CEO". Archived from the original on 2011-01-04. Retrieved 2010-12-07.
- "CE discusses economic issues with international advisers". Retrieved 14 September 2016.
- "Hospital Leadership - Board of Trustees". New York Presbyterian. Retrieved 7 July 2019.
- "Board of Trustees". Manhattan Institute for Policy Research. Archived from the original on 26 April 2015. Retrieved 2 June 2015.
- "The Starr Foundation". Archived from the original on 14 October 2013. Retrieved 13 October 2013.
- "Masthead". Retrieved 14 September 2016.
- "GSS Scholarships". US-China Education Trust. Archived from the original on 2011-11-21. Retrieved 2011-04-11.
- Roumeliotis, Greg (17 Feb 2014). "Group led by Greenberg's Starr to buy MultiPlan for $4.4 billion". Business News. Reuters. Retrieved 17 February 2014.
- "Hellman & Friedman Reach Deal to Buy MultiPlan". 6 May 2016.
- Sanger, Dave E. (2009). The Inheritance: The World Obama Confronts and the Challenges to American Power. New York: Random House and Google Ebooks. p. 60. ISBN 9780307407924.
- "Crazy like a Fox: Business Leader Maurice R. Greenberg Describes Ahmadinejad's Performance". The National Interest. September 21, 2006. Archived from the original on October 4, 2006.
- Sanger, Dave E. ibid.
- The People of the State of New York by Andrew Cuomo v. Maurice R. Greenberg,  New York Court of Appeals, June 25, 2013
- "Two charges against AIG's Greenberg dropped". NBC News. September 6, 2006.
- "Enforcement Proceedings Under New York's Martin Act". Practical Law the Journal. 2015.
- Bray, Chad (November 19, 2012). "Judge Tosses Suit Over AIG". The Wall Street Journal.
- Vikas Bajaj, "A.I.G. Rejects Shareholder Suit", The New York Times, 9 Jan 2013
- Zajac, Andrew (7 Oct 2014). "AIG Failure Might Have Caused 'Mass Panic', Geithner Says". Case: Starr International Co. v. U.S., 11-cv-00779, U.S. Court of Federal Claims (Washington). bloomberg.com. The market value of the 79.9% of AIG Common Stock the government acquired on the day the government agreed to loan AIG up to $85 billion was $55.4 billion. By the end of 2012, AIG had repaid all of its loans and the government had made a $17.7 billion profit on the AIG equity it had acquired as a result, plus $6.7 billion in interest and fees. Plaintiff's Findings of Fact, pages 299 and 505, https://www.nytimes.com/interactive/2015/06/15/business/dealbook/document-ruling-in-aig-bailout-lawsuit.html; "Treasury Sells Final Shares of AIG Common Stock, Positive Return on Overall AIG Commitment Reaches $22.7 Billion," Treasury Department Press Release (December 11, 2012), https://www.treasury.gov/press-center/press-releases/Pages/tg1796.aspx.T
- Kessler, Aaron (June 15, 2015). "Ex AIG Chief Wins Bailout Suit, But Gets No Damages". New York Times.
- Frankel, Alison (December 15, 2015). "Federal Reserve tries to repair damage from AIG bailout case in new brief". Reuters. Archived from the original on December 17, 2015.
- "Ex-AIG CEO Greenberg loses appeal over insurer's bailout". 9 May 2017.
- Starr Intern. Co., Inc. v. U.S., 138 S.Ct., 1324 (2018).
- Rojas, Marcela (July 15, 2013). "AIG's ex-CEO Greenberg files lawsuit vs. Spitzer". USA Today. Retrieved 16 July 2013.
- "Ex-AIG hed Greenberg files complaint against Schneiderman". Long Island Newsday. December 30, 2013.
- Bender, Michael (1 October 2015). "Hank Greenberg Says He's Backing Jeb Bush". Bloomberg. Retrieved 24 February 2016.
- McCaskill, Nolan (7 January 2016). "Former AIG chairman Hank Greenberg invests $10 million in Jeb Bush". Politico. Retrieved 24 February 2016.
- Kennet P. Vogel (20 March 2016) Rubio super PAC raised $25 million last month Politico
- "Jeff Greenberg Chairman and Chief Executive Officer".
- "Chubb Evan G. Greenberg".
- Leonard, Devin (February 21, 2005). "Greenberg & Sons – AIG CEO Hank Greenberg is a tough boss and a tough dad. Two of his sons left his company in anger. If only the story had ended there". cnn.com. CNN. Retrieved January 18, 2020.
- "Archived copy". Archived from the original on 2014-01-22. Retrieved 2014-01-17.CS1 maint: archived copy as title (link)
- "Ron Shelp - Fallen Giant - About the Book". Retrieved 14 September 2016.
- "LEA's 85th Anniversary" (PDF). Retrieved 14 September 2016.
- "Ceremony for the 70th Anniversary of the Normandy Landings at Liberty Island". Retrieved 14 September 2016.
- MS. "CSHL DHMD Home - DHMD". Archived from the original on 1 April 2012. Retrieved 14 September 2016.
- "Been there, done that - for a long time|Business|chinadaily.com.cn". europe.chinadaily.com.cn. Retrieved 2018-08-27.
- "Greenberg and Sons", Fortune magazine, February 21, 2005.
- Maurice R. Greenberg and Lawrence A. Cunningham, The AIG Story (2013)
- review: James Freeman, "Insurer to the World," Wall Street Journal Feb. 6. 2013
- Starr Companies
- Hank Greenberg Weighs in on AIG on The Strategy Session, "The Strategy Session", CNBC, May 26, 2011
- Council on Foreign Relations: Biographical 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 Advance Yale’s China Collaborations, Yale University, September 28, 2006
- Appearances on C-SPAN