Maurice R. Greenberg
Encyclopedia
Maurice Raymond "Hank" Greenberg (born May 4, 1925) is an American business executive and former chairman and CEO of American International Group
(AIG), which 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 & Co., Inc. (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 the Chairman of the Board of Directors and Managing Director of Starr International Company Inc., and Chairman and Chief Executive Officer of Starr International USA, Inc. (Starr International USA). C.V. Starr and Starr International USA are collectively known as Starr Companies.
, participating in the Liberation of Dachau and in the Korean War
, 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
, 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 degree
s from several colleges including Brown University
, Middlebury College
, New York Law School and The Rockefeller University.
, 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 leadership scandal and was replaced by Martin J. Sullivan
. He was subsequently the subject of New York State civil charges which are still unresolved.
In 2008, he appeared ABC's "Good Morning America" criticizing the board of directors.
In an interview with Reactions magazine in March 2010, serialised over three parts, Greenberg stated that he did not condone AIG's strategy of selling non-core assets to pay back the US government, and believed the terms under which AIG was provided access to bail-out funds needed to be renegotiated.
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.
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.
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.
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.
He was appointed as a member of the Hong Kong Chief Executive's Council of International Advisers
where he served from 1998 to 2005.
He was awarded "CEO of the Year 2003" by Chief Executive Magazine
.
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
. He is Vice-Chairman of the Board of Directors of the National Committee on United States – China Relations.
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). 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 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.
The Maurice "Hank" Greenberg Scholarship, administered in his name by the US-China Education Trust
, supports the studies at 10 Chinese students from low-income families each year at Yunnan University
.
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.
, 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.
Greenberg settled on a $15 million fine for the accusations of fraud
ulent AIG financial positions.
.
American International Group
American International Group, Inc. or AIG is an American multinational insurance corporation. Its corporate headquarters is located in the American International Building in New York City. The British headquarters office is on Fenchurch Street in London, continental Europe operations are based in...
(AIG), which 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 & Co., Inc. (C.V. Starr), a diversified financial services firm that is named for the founder of AIG, Cornelius Vander Starr
Cornelius Vander Starr
Cornelius Van der Starr also known as Neil Starr or CV Starr was an American businessman and Office of Strategic Services operative who founded the American International Group insurance corporation and a major philanthropic foundation.-Early life:Starr was born in Fort Bragg, California with the...
. 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 the Chairman of the Board of Directors and Managing Director of Starr International Company Inc., and Chairman and Chief Executive Officer of Starr International USA, Inc. (Starr International USA). C.V. Starr and Starr International USA are collectively known as Starr Companies.
US Army, University of Miami and New York Law School
He is the son of Jewish candy store owner Jacob Greenberg. His father died when he was seven and his mother, Ada Rheingold, married a dairy farmer. Greenberg served in the U. S. Army in Europe during World War IIWorld War II
World War II, or the Second World War , was a global conflict lasting from 1939 to 1945, involving most of the world's nations—including all of the great powers—eventually forming two opposing military alliances: the Allies and the Axis...
, participating in the Liberation of Dachau and in the Korean War
Korean War
The Korean War was a conventional war between South Korea, supported by the United Nations, and North Korea, supported by the People's Republic of China , with military material aid from the Soviet Union...
, rising to the rank of Captain; he is a recipient of the Bronze Star
Bronze Star Medal
The Bronze Star Medal is a United States Armed Forces individual military decoration that may be awarded for bravery, acts of merit, or meritorious service. As a medal it is awarded for merit, and with the "V" for valor device it is awarded for heroism. It is the fourth-highest combat award of the...
. He received his Bachelor's Degree in pre-law from the University of Miami
University of Miami
The University of Miami is a private, non-sectarian university founded in 1925 with its main campus in Coral Gables, Florida, a medical campus in Miami city proper at Civic Center, and an oceanographic research facility on Virginia Key., the university currently enrolls 15,629 students in 12...
, where he was a member of Sigma Alpha Mu
Sigma Alpha Mu
Sigma Alpha Mu , also known as "Sammy", is a college fraternity founded at the City College of New York in 1909. Originally only for Jewish men, Sigma Alpha Mu remained so until 1953, when members from all backgrounds were accepted. Originally headquartered in New York, Sigma Alpha Mu has...
Fraternity, and his law degree from New York Law School
New York Law School
New York Law School is a private law school in the TriBeCa neighborhood of Lower Manhattan in New York City. New York Law School is one of the oldest independent law schools in the United States. The school is located within four blocks of all major courts in Manhattan. In 2011, New York Law School...
in 1950. He was admitted to the New York Bar in 1953. He holds honorary degree
Honorary degree
An honorary degree or a degree honoris causa is an academic degree for which a university has waived the usual requirements, such as matriculation, residence, study, and the passing of examinations...
s from several colleges including Brown University
Brown University
Brown University is a private, Ivy League university located in Providence, Rhode Island, United States. Founded in 1764 prior to American independence from the British Empire as the College in the English Colony of Rhode Island and Providence Plantations early in the reign of King George III ,...
, Middlebury College
Middlebury College
Middlebury College is a private liberal arts college located in Middlebury, Vermont, USA. Founded in 1800, it is one of the oldest liberal arts colleges in the United States. Drawing 2,400 undergraduates from all 50 United States and over 70 countries, Middlebury offers 44 majors in the arts,...
, New York Law School and The Rockefeller University.
Rise and fall at AIG
In 1962, Greenberg was named by AIG's founder, Cornelius Vander StarrCornelius Vander Starr
Cornelius Van der Starr also known as Neil Starr or CV Starr was an American businessman and Office of Strategic Services operative who founded the American International Group insurance corporation and a major philanthropic foundation.-Early life:Starr was born in Fort Bragg, California with the...
, 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 leadership scandal and was replaced by Martin J. Sullivan
Martin J. Sullivan
Martin J. Sullivan, OBE, , is the Deputy Chairman of Willis Group Holdings plc and Chairman and CEO of its, Willis Global Solutions, which oversees brokerage and risk management advisory services for Willis’s multinational and global accounts...
. He was subsequently the subject of New York State civil charges which are still unresolved.
In 2008, he appeared ABC's "Good Morning America" criticizing the board of directors.
In an interview with Reactions magazine in March 2010, serialised over three parts, Greenberg stated that he did not condone AIG's strategy of selling non-core assets to pay back the US government, and believed the terms under which AIG was provided access to bail-out funds needed to be renegotiated.
Greenberg was both a social friend and client of Henry Kissinger
Henry Kissinger
Heinz Alfred "Henry" Kissinger is a German-born American academic, political scientist, diplomat, and businessman. He is a recipient of the Nobel Peace Prize. He served as National Security Advisor and later concurrently as Secretary of State in the administrations of Presidents Richard Nixon and...
, utilising his consultancy, Kissinger Associates
Kissinger Associates
Kissinger Associates, Inc., founded in 1982, is a New York City-based international consulting firm, founded and run by Henry Kissinger, and Brent Scowcroft...
, 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.
He is married and has four children. He is the father of Jeffrey W. Greenberg
Jeffrey W. Greenberg
Jeffrey Wayne Greenberg is an American lawyer and business executive who served as chairman and CEO of Marsh & McLennan Companies.He earned a bachelor's degree from Brown University in 1973 and his law degree from Georgetown University Law School in 1976. He began his career at Marsh & McLennan...
, former chairman and CEO of Marsh & McLennan Companies
Marsh & McLennan Companies
Marsh & McLennan Companies, Inc. is a US-based global professional services and insurance brokerage firm. In 2007, it had over 57,000 employees and annual revenues of $10.49 billion. Marsh & McLennan Companies was ranked the 221st largest corporation in the United States by the 2009 Fortune 500...
(MMC) before he was ousted, and of Evan G. Greenberg
Evan G. Greenberg
Evan Greenberg is an American business executive. He is currently the President and Chief Executive Officer of the Zurich based insurance company ACE Limited....
, president and CEO of ACE Limited. Together, he and his sons controlled a major portion of the insurance
Insurance
In law and economics, insurance is a form of risk management primarily used to hedge against the risk of a contingent, uncertain loss. Insurance is defined as the equitable transfer of the risk of a loss, from one entity to another, in exchange for payment. An insurer is a company selling the...
industry.
Other public positions
Greenberg is Honorary Vice Chairman and Director of the Council on Foreign RelationsCouncil on Foreign Relations
The Council on Foreign Relations is an American nonprofit nonpartisan membership organization, publisher, and think tank specializing in U.S. foreign policy and international affairs...
and a member of David Rockefeller
David Rockefeller
David Rockefeller, Sr. is the current patriarch of the Rockefeller family. He is the youngest and only surviving child of John D. Rockefeller, Jr. and Abby Aldrich Rockefeller, and the only surviving grandchild of oil tycoon John D. Rockefeller, founder of Standard Oil. His five siblings were...
's Trilateral Commission
Trilateral Commission
The Trilateral Commission is a non-governmental, non-partisan discussion group founded by David Rockefeller in July 1973 to foster closer cooperation among the United States, Europe and Japan.-History:...
. In the 1980s, his extensive foreign connections prompted the Reagan administration
Ronald Reagan
Ronald Wilson Reagan was the 40th President of the United States , the 33rd Governor of California and, prior to that, a radio, film and television actor....
to offer him a job as Deputy Director of the CIA
Central Intelligence Agency
The Central Intelligence Agency is a civilian intelligence agency of the United States government. It is an executive agency and reports directly to the Director of National Intelligence, responsible for providing national security intelligence assessment to senior United States policymakers...
, which he declined.
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.
He was appointed as a member of the Hong Kong Chief Executive's Council of International Advisers
Chief Executive of Hong Kong
The Chief Executive of Hong Kong is the President of the Executive Council of Hong Kong and head of the Government of the Hong Kong Special Administrative Region. The position was created to replace the Governor of Hong Kong, who was the head of the Hong Kong government during British rule...
where he served from 1998 to 2005.
He was awarded "CEO of the Year 2003" by Chief Executive Magazine
Chief Executive Magazine
Chief Executive is a business magazine published by Chief Executive Group, LLC.-Description:Chief Executive began publication in 1976 and JP Donlon is its Editor-in-Chief. The magazine is published six times a year and has a circulation of 42,000 copies is audited twice yearly by BPA Worldwide...
.
He is a former Chairman and currently a Trustee of the Asia Society
Asia Society
The Asia Society is a non-profit organization that focuses on educating the world about Asia. It has several centers in the United States and around the world Hong Kong, Manila, Mumbai, Seoul, Shanghai, and Melbourne...
, Trustee Emeritus of the Rockefeller University
Rockefeller University
The Rockefeller University is a private university offering postgraduate and postdoctoral education. It has a strong concentration in the biological sciences. It is also known for producing numerous Nobel laureates...
, and is an honorary Trustee of the Museum of Modern Art
Museum of Modern Art
The Museum of Modern Art is an art museum in Midtown Manhattan in New York City, on 53rd Street, between Fifth and Sixth Avenues. It has been important in developing and collecting modernist art, and is often identified as the most influential museum of modern art in the world...
, all three institutions founded by the Rockefeller family
Rockefeller family
The Rockefeller family , the Cleveland family of John D. Rockefeller and his brother William Rockefeller , is an American industrial, banking, and political family of German origin that made one of the world's largest private fortunes in the oil business during the late 19th and early 20th...
.
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
New York Stock Exchange
The New York Stock Exchange is a stock exchange located at 11 Wall Street in Lower Manhattan, New York City, USA. It is by far the world's largest stock exchange by market capitalization of its listed companies at 13.39 trillion as of Dec 2010...
, 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
Federal Reserve Bank of New York
The Federal Reserve Bank of New York is one of the 12 Federal Reserve Banks of the United States. It is located at 33 Liberty Street, New York, NY. It is responsible for the Second District of the Federal Reserve System, which encompasses New York state, the 12 northern counties of New Jersey,...
. He is Vice-Chairman of the Board of Directors of the National Committee on United States – China Relations.
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
Cornell University
Cornell University is an Ivy League university located in Ithaca, New York, United States. It is a private land-grant university, receiving annual funding from the State of New York for certain educational missions...
, Life Trustee of New York University
New York University
New York University is a private, nonsectarian research university based in New York City. NYU's main campus is situated in the Greenwich Village section of Manhattan...
, Trustee for the School of Risk Management, Insurance, and Actuarial Science and is Chairman of the Academic Medicine Development Company (AMDeC). 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 was a former Trustee of the American Museum of Natural History
American Museum of Natural History
The American Museum of Natural History , located on the Upper West Side of Manhattan in New York City, United States, is one of the largest and most celebrated museums in the world...
.
As Chairman of The Starr Foundation
The Starr Foundation
The Starr Foundation was established in 1955 by Cornelius Vander Starr, founder of the American Insurance Group. Upon his death in 1968 his estate was passed on to the foundation...
, Greenberg oversees the disbursement of major financial support to academic, medical, cultural, and public policy institutions.
The Maurice "Hank" Greenberg Scholarship, administered in his name by the US-China Education Trust
US-China Education Trust
The US-China Education Trust is a non-profit organization based in Washington D.C. Founded in 1998 by Ambassador Julia Chang Bloch, the first Chinese-American U.S. Ambassador, USCET seeks to promote US-China relations through a series of education and exchange programs...
, supports the studies at 10 Chinese students from low-income families each year at Yunnan University
Yunnan University
Yunnan University is one of the largest and most prestigious universities in Yunnan province, China. Its main campuses are located in the provincial capital city of Kunming...
.
Interaction with Mahmoud Ahmadinejad
On September 20, 2006, the Council on Foreign RelationsCouncil on Foreign Relations
The Council on Foreign Relations is an American nonprofit nonpartisan membership organization, publisher, and think tank specializing in U.S. foreign policy and international affairs...
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
Holocaust denial
Holocaust denial is the act of denying the genocide of Jews in World War II, usually referred to as the Holocaust. The key claims of Holocaust denial are: the German Nazi government had no official policy or intention of exterminating Jews, Nazi authorities did not use extermination camps and gas...
. 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.
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 SpitzerEliot Spitzer
Eliot Laurence Spitzer is an American lawyer, former Democratic Party politician, and political commentator. He was the co-host of In the Arena, a talk-show and punditry forum broadcast on CNN until CNN cancelled his show in July of 2011...
, attorney general of the state of New York
New York
New York is a state in the Northeastern region of the United States. It is the nation's third most populous state. New York is bordered by New Jersey and Pennsylvania to the south, and by Connecticut, Massachusetts and Vermont to the east...
. 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.
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 Greenberg in civil court for many of these same criminal allegations.Greenberg settled on a $15 million fine for the accusations of fraud
Fraud
In criminal law, a fraud is an intentional deception made for personal gain or to damage another individual; the related adjective is fraudulent. The specific legal definition varies by legal jurisdiction. Fraud is a crime, and also a civil law violation...
ulent AIG financial positions.
Civil charges
Spitzer did, however, bring civil charges against Greenberg, though he dropped two of the six initial charges in September 2006. 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.Biography
Greenberg's career is chronicled in the 2006 book Fallen Giant: The Amazing Story of Hank Greenberg and the History of AIGRonald Shelp
Ronald Kent Shelp is the author of Fallen Giant: The Amazing Story of Hank Greenberg and the History of AIG. Shelp worked for Maurice "Hank" Greenberg, CEO of American International Group, for 12 years, ultimately serving as worldwide head of government relations...
.
External links
- 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
- http://www.fallengiantthebook.com