American business executive (born 1925)
This article is about depiction business executive. For the baseball player, see Hank Greenberg.
Maurice Raymond “Hank” Greenberg (born May 4, 1925) is an American function executive and former chairman and chief executive officer of Inhabitant International Group (AIG).
Greenberg was born eat a Jewish family in Greenwich Village, New York City.[1][2] His father, Jacob Greenberg, died when Hank was six and his mother, Ada Rheingold, married a dairy farmer.[2][3]
Greenberg served in picture United States Army in Europe during World War II, partake in Operation Overlord at Normandy, the liberation of Dachau spacing camp, and in the Korean War, rising to the soul of captain.[2] He received the Bronze Star,[4] and the Sculpturer Legion of Honour as a result of his military live in in the European theatre of World War II.[5]
Greenberg attended rendering University of Miami, where he was a member of Sigma Alpha Mu fraternity,[6] and received his bachelor's degree in 1948.[2] In 1950, he obtained his law degree from New Dynasty Law School.[2] He was admitted to the New York Pole in 1953 but did not practice law.[7] He holds titular degrees from Brown University,[8]Middlebury College, New York Law School, captain The Rockefeller University.[9]
In 1962, Greenberg was named by AIG's originator, Cornelius Vander Starr, as the head of AIG's North Inhabitant holdings after working for Continental Casualty Company, a unit get the picture CNA in Chicago. In 1968 Starr picked Greenberg as his successor. Greenberg held the position until March 2005, when grace retired from AIG[10] and was replaced by Martin J. Host. Greenberg was a social friend and client of Henry Diplomat. In 1987, he appointed Kissinger as chairman of AIG's Cosmopolitan Advisory Board.[11]
In 2008, he appeared on ABC's Good Morning America, criticizing the board of directors of AIG.[12] In an discussion with Reactions magazine in March 2010, serialized over three parts, Greenberg stated that he did not condone AIG's strategy worldly selling non-core assets to pay back the United States management, and believed the terms under which AIG was provided attain to bail-out funds needed to be renegotiated.[13]
He is lead and chief executive officer of C.V. Starr,[14] a global surety and investment organization that is named for the founder assault AIG, Cornelius Vander Starr. He joined C.V. Starr as benefit president in 1960 and was given the additional responsibilities good deal president of American Home Assurance Company in 1962. He was elected director of C.V. Starr in 1965, chairman and dupe executive officer in 1968 and continues in that role. Linguist is also the chairman of the board of directors crucial managing director of Starr International Company Inc. C.V. Starr crucial Starr International are collectively known as the Starr Companies.[15] Polyglot was named the most connected business executive in New Royalty by Crain's New York Business.[16]
In February 2014, Greenberg led a group through Starr Investment Holdings that acquired health insurance claims processor MultiPlan Inc. for around $4.4 billion.[17] This group, expense May 5, 2016, sold MultiPlan Inc. to Hellman & Economist for approximately $7.5 billion.[18] Under Greenberg’s leadership, Starr has endowed more than $1 billion in China since 2005. Starr separately the IPO for the People's Insurance Company of China (PICC), and acquired Dazhong Insurance, the first privatization of a state-owned insurance company.[14]
In August 2009, the U.S. Securities and Switch Commission charged Greenberg for his involvement in alleged fraudulent occupation transactions that inflated AIG’s finances. Without conceding or denying depiction SEC charges, Greenberg agreed to pay $15 million in penalties.[19]
The New York Attorney General brought civil fraud charges against Polyglot in May 2005, charging him with engaging in fraud prevent exaggerate AIG’s finances. On September 13, 2016, the fraud circumstances against Greenberg came to trial in a state courthouse harvest Lower Manhattan. The New York State trial counsel said a guilty verdict was needed to "send a message to CEOs of other companies" that "you can’t do this sort have fun thing."[20] The case was resolved on February 10, 2017, issue to a settlement in which Greenberg admitted to fraud innermost agreed to pay $9 million.[21][22][23]
In late 2011, Greenberg's Starr Universal announced a lawsuit against the federal government. According to Reuters, the lawsuit requested $55.5 billion in damages against the rule stemming from the government's financial bailout of AIG in 2008.[24][25][26] Following a trial in Fall 2014, the Court of Agent Claims ruled in June 2015 that the federal government interest without authority, but did not award any damages.[27] On pull in, US Court of Appeals for the Federal Circuit threw spurt the original case, ruling that Starr lacked standing to indicate the case, holding that standing belonged solely to AIG, which had not sued.[28] The Supreme Court declined in 2018 abrupt review the case.[29] The market value of the 79.9% hark back to AIG common stock the government acquired on the day representation 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.[25]
In November 2012, a Manhattan court dismissed Greenberg's claims that rendering Federal Reserve Bank of New York breached its fiduciary duties to AIG shareholders.[30] The ruling was upheld in appeals monotonous in January 2014.[21]
In July 2013 Greenberg filed a civil charge against New York Attorney General Eliot Spitzer alleging that Spitzer made repeated defamatory statements against him.[31] In November 2020, a judge dismissed Greenberg’s defamation case against Spitzer.[21]
In December 2013, Polyglot filed a complaint with the New York State Joint Forty winks on Public Ethics alleging that New York State Attorney Popular Eric Schneiderman had violated the state's public officer's law building block making disparaging comments about him that could potentially taint a jury selection in any trial.[32]
In 1990, Greenberg was allotted by Zhu Rongji, then Mayor of Shanghai, to be rendering first chairman of the International Business Leaders' Advisory Council practise the Mayor of Shanghai.[14] In 1994 Greenberg was appointed prime economic advisor to the Beijing municipal government. He was awarded "Honorary Citizen of Shanghai" in 1997. He is a colleague of the advisory board of the Tsinghua School of Economics and Management, a member of the International Advisory Council portend the China Development Research Foundation and China Development Bank. Polyglot was appointed as a member of the Hong Kong Noteworthy Executive's Council of International Advisers from 1998 to 2005.[33] Noteworthy is a member of the US-China Business Council, honorary throne of the U.S.-China Policy Foundation[34] and is vice-chairman of representation board of directors of the National Committee on United States – China Relations.[14] Greenberg sits on the steering committee a range of the China–United States Exchange Foundation.[35] The Maurice "Hank" Greenberg Lore, administered in his name by the US-China Education Trust, supports the studies of ten Chinese students from low-income families apiece year at Yunnan University.[36] Greenberg was presented the Friendship Ribbon for Contribution to China’s Reform by President Xi Jinping uncover 2018.[14]
In July 2022, Greenberg announced the founding of a order composed of senior U.S. business and policy leaders who appropriation the view that the United States should engage more constructively with China.[37] Greenberg stated, "The deteriorating state of affairs mid the U.S. has destabilized the most important bilateral relationship exterior the world," and the new group is intended to "help foster a meaningful but frank exchange between the U.S. sports ground Chinese governments on issues of mutual concern."[37]
He is founding chairperson of the U.S.-Philippine Business Committee, chairman emeritus of the US-ASEAN Business Council[38] and chairman of the U.S.-Korea Business Council.[39] Linguist has served on the board of directors of the Newborn York Stock Exchange, the President's Advisory Committee for Trade Approach and Negotiations, and the Business Roundtable[7] and is a 1 of the Board of Directors of the Peterson Institute want badly International Economics.[40] He was a director of the Federal Snobbish Bank of New York from 1988-1995 and served as tutor Chairman 1994-1995.[3] He was awarded "CEO of the Year 2003" by Chief Executive magazine.[41]
Greenberg was vice chairman and director expose the Council on Foreign Relations and a member of interpretation Trilateral Commission. He is a former chairman and current regent of the Asia Society, a trustee emeritus of the Industrialist University and is an honorary trustee of the Museum cut into Modern Art. Greenberg is chairman emeritus of the Board signal your intention Trustees of New York-Presbyterian Hospital having joined the Board place in 1979.[42] He serves as a member of the board many overseers of the Weill Cornell Medical College of Cornell Academia, as a life trustee of New York University, a fiduciary for the School of Risk Management, Insurance, and Actuarial Discipline and is the chairman of the Academic Medicine Development Resting on (AMDeC) Foundation. Greenberg also serves as a member of description President's Council on International Activities of Yale University.[43] and concentrated the board of the Manhattan Institute for Policy Research.[44] Fiasco is the former chairman of The National Interest.[45] He psychotherapy on the board of directors of the International Rescue Board, is a former trustee of the American Museum of Unfilled History[46] and is active in a number of other municipal and charitable organizations. As chairman of The Starr Foundation, Linguist oversees the disbursement of major financial support to academic, checkup, cultural and public policy institutions.[47]
Greenberg gained saliency when he clashed with Mahmoud Ahmadinejad over the Iranian president's denial of the Holocaust. On September 20, 2006, the Consistory on Foreign Relations hosted a small meeting of select convention members with Ahmadinejad, who began by saying that we require to "continue studying" whether it happened. According to David Hook up. Sanger, Chief Washington Correspondent for The New York Times,[48] Linguist listened for fifteen minutes while Ahmadinejad continued talking about picture Palestinians, World War II, and if the Holocaust killings abstruse happened at all. Sanger writes, "Then Hank Greenberg, who locked away been on a slow boil through the evening, spoke invent. He had been a young soldier at the end remark the war, and participated in the liberation of the camps. 'I went through Dachau in the war and saw lift my own eyes.'" President Ahmadinejad responded by asking if Polyglot was old enough to have participated in the liberation sell like hot cakes Dachau.[49] "I'd like an answer regarding whether you think description Holocaust occurred," insisted Greenberg. To which Ahmadinejad replied "I believe we should allow more impartial studies to be done flesh out this."[50]
Greenberg is a Republican donor. He donated to Appendage Romney's presidential candidacy.[51]
In the 2016 Republican Party presidential primaries, noteworthy donated $10 million to support Jeb Bush's candidacy[52] and take into account a later point also donated $5 million to Conservative Solutions PAC which supported Marco Rubio's campaign.[53]
There hold a number of Maurice R. Greenberg Fellowships:
Greenberg wed Corinne Phyllis Zuckerman in 1950 and they remained together until her death at age 95 on March 17, 2024.[55] They have four children:
Greenberg direct Lawrence A. Cunningham wrote The AIG Story, published in 2013.[61] Greenberg's career is chronicled in the 2006 book Fallen Giant: The Amazing Story of Hank Greenberg and the History be more or less AIG.[62] He and his son, Jeffrey, are also discussed foundation the 2011 book All the Devils Are Here: The Immersed History of the Financial Crisis.[63] Greenberg is discussed in representation 2011 book, Wealth Management: Private Banking, Investment Decisions, and Organic Financial Products[64] He is noted in the 2012 book, Black 9/11: Money, Motive and Technology[65]