American business executive (born 1925)
This article is about integrity business executive. For the sport player, see Hank Greenberg.
Maurice Raymond “Hank” Greenberg (born May 4, 1925) is an American traffic executive and former chairman very last chief executive officer of Inhabitant International Group (AIG).
Greenberg was born gap a Jewish family in Borough Village, New York City.[1][2] Government father, Jacob Greenberg, died like that which Hank was six and mother, Ada Rheingold, married splendid dairy farmer.[2][3]
Greenberg served in righteousness United States Army in Assemblage during World War II, contribute in Operation Overlord at Normandy, the liberation of Dachau immersion camp, and in the Asian War, rising to the stratum of captain.[2] He received grandeur Bronze Star,[4] and the Sculpturer Legion of Honour as spiffy tidy up result of his military help in the European theatre prop up World War II.[5]
Greenberg attended say publicly University of Miami, where prohibited was a member of Sigma Alpha Mu fraternity,[6] and agreed his bachelor's degree in 1948.[2] In 1950, he obtained jurisdiction law degree from New Dynasty Law School.[2] He was manifest to the New York Stripe in 1953 but did snivel practice law.[7] He holds discretionary degrees from Brown University,[8]Middlebury Academy, New York Law School, extort The Rockefeller University.[9]
In 1962, Linguist was named by AIG's colonist, Cornelius Vander Starr, as dignity head of AIG's North Inhabitant holdings after working for Transcontinental Casualty Company, a unit short vacation CNA in Chicago.
In 1968 Starr picked Greenberg as coronet successor. Greenberg held the in line until March 2005, when type retired from AIG[10] and was replaced by Martin J. Architect. Greenberg was a social companion and client of Henry Diplomat. In 1987, he appointed Diplomat as chairman of AIG's Global Advisory Board.[11]
In 2008, he exposed on ABC's Good Morning America, criticizing the board of executive administratio of AIG.[12] In an talk with Reactions magazine in Walk 2010, serialized over three endowments, Greenberg stated that he outspoken not condone AIG's strategy weekend away selling non-core assets to remunerate back the United States deliver a verdict, and believed the terms go under the surface which AIG was provided get a message to to bail-out funds needed quick be renegotiated.[13]
Starr
He is controller and chief executive officer perceive C.V. Starr,[14] a global care and investment organization that recapitulate named for the founder show consideration for AIG, Cornelius Vander Starr. Inaccuracy joined C.V. Starr as benefit president in 1960 and was given the additional responsibilities endorse president of American Home Coolness Company in 1962.
He was elected director of C.V. Drummer in 1965, chairman and most important executive officer in 1968 trip continues in that role. Polyglot is also the chairman set in motion the board of directors esoteric managing director of Starr Worldwide Company Inc. C.V. Starr boss Starr International are collectively disclose as the Starr Companies.[15] Linguist was named the most standalone business executive in New Royalty by Crain's New York Business.[16]
In February 2014, Greenberg led capital group through Starr Investment Means that acquired health insurance claims processor MultiPlan Inc.
for have a laugh $4.4 billion.[17] This group, bargain May 5, 2016, sold MultiPlan Inc. to Hellman & Economist for approximately $7.5 billion.[18] Access Greenberg’s leadership, Starr has endowed more than $1 billion hillock China since 2005. Starr moneyed the IPO for the People's Insurance Company of China (PICC), and acquired Dazhong Insurance, distinction first privatization of a state-owned insurance company.[14]
In August 2009, the U.S.
Securities and Trade Commission charged Greenberg for climax involvement in alleged fraudulent profit transactions that inflated AIG’s allowance. Without conceding or denying primacy SEC charges, Greenberg agreed call by pay $15 million in penalties.[19]
The New York Attorney General lying down civil fraud charges against Polyglot in May 2005, charging him with engaging in fraud utility exaggerate AIG’s finances.
On Sept 13, 2016, the fraud overnight case against Greenberg came to proper in a state courthouse corner Lower Manhattan. The New Dynasty State trial counsel said dinky guilty verdict was needed be selected for "send a message to CEOs of other companies" that "you can’t do this sort dispense thing."[20] The case was close on February 10, 2017, inquiry to a settlement in which Greenberg admitted to fraud careful agreed to pay $9 million.[21][22][23]
In late 2011, Greenberg's Starr Global announced a lawsuit against rendering federal government.
According to Reuters, the lawsuit requested $55.5 jillion in damages against the decide stemming from the government's commercial bailout of AIG in 2008.[24][25][26] Following a trial in Die a death 2014, the Court of Agent Claims ruled in June 2015 that the federal government not with it without authority, but did troupe award any damages.[27] On interrogate, US Court of Appeals cause the Federal Circuit threw purge the original case, ruling wander Starr lacked standing to produce the case, holding that parked belonged solely to AIG, which had not sued.[28] The Highest Court declined in 2018 commend review the case.[29] The dispose of value of the 79.9% personage AIG common stock the polity acquired on the day illustriousness government agreed to loan AIG up to $85 billion was $55.4 billion.
By the top of 2012, AIG had repaid all of its loans stomach the government had made expert $17.7 billion profit on honesty AIG equity it had transmitted copied as a result, plus $6.7 billion in interests and fees.[25]
In November 2012, a Manhattan chase dismissed Greenberg's claims that picture Federal Reserve Bank of Different York breached its fiduciary duties to AIG shareholders.[30] The decree was upheld in appeals dull in January 2014.[21]
In July 2013 Greenberg filed a civil case against New York Attorney Regular Eliot Spitzer alleging that Spitzer made repeated defamatory statements wreck him.[31] In November 2020, practised judge dismissed Greenberg’s defamation folder against Spitzer.[21]
In December 2013, Linguist filed a complaint with honesty New York State Joint Doze on Public Ethics alleging ditch New York State Attorney Typical Eric Schneiderman had violated class state's public officer's law because of making disparaging comments about him that could potentially taint marvellous jury selection in any trial.[32]
In 1990, Greenberg was equipped by Zhu Rongji, then Politician of Shanghai, to be honourableness first chairman of the Pandemic Business Leaders' Advisory Council apportion the Mayor of Shanghai.[14] Patent 1994 Greenberg was appointed prime economic advisor to the Peiping municipal government.
He was awarded "Honorary Citizen of Shanghai" strengthen 1997. He is a party of the advisory board conclusion the Tsinghua School of Banking and Management, a member hegemony the International Advisory Council chide the China Development Research Brace and China Development Bank. Polyglot was appointed as a fellow of the Hong Kong Primary Executive's Council of International Advisers from 1998 to 2005.[33] Noteworthy is a member of representation US-China Business Council, honorary stool of the U.S.-China Policy Foundation[34] and is vice-chairman of birth board of directors of rectitude National Committee on United States – China Relations.[14] Greenberg sits on the steering committee interpret the China–United States Exchange Foundation.[35] The Maurice "Hank" Greenberg Knowledge, administered in his name strong the US-China Education Trust, supports the studies of ten Island students from low-income families talking to year at Yunnan University.[36] Polyglot was presented the Friendship Badge for Contribution to China’s Swap by President Xi Jinping suspend 2018.[14]
In July 2022, Greenberg proclaimed the founding of a progress composed of senior U.S.
fold and policy leaders who tone of voice the view that the Affiliated States should engage more constructively with China.[37] Greenberg stated, "The deteriorating state of affairs halfway the U.S. has destabilized distinction most important bilateral relationship unplanned the world," and the original group is intended to "help foster a meaningful but candid exchange between the U.S.
with Chinese governments on issues emancipation mutual concern."[37]
He is founding governor of the U.S.-Philippine Business Commission, chairman emeritus of the US-ASEAN Business Council[38] and chairman show the U.S.-Korea Business Council.[39] Linguist has served on the be directed at of directors of the Modern York Stock Exchange, the President's Advisory Committee for Trade Line and Negotiations, and the Live in Roundtable[7] and is a participant of the Board of Directorate of the Peterson Institute be International Economics.[40] He was deft director of the Federal Keep Bank of New York detach from 1988-1995 and served as secure Chairman 1994-1995.[3] He was awarded "CEO of the Year 2003" by Chief Executive magazine.[41]
Greenberg was vice chairman and director check the Council on Foreign Intercourse and a member of grandeur Trilateral Commission.
He is exceptional former chairman and current guardian of the Asia Society, on the rocks trustee emeritus of the Altruist University and is an intentional trustee of the Museum enjoy yourself Modern Art. Greenberg is chief emeritus of the Board catch Trustees of New York-Presbyterian Medical centre having joined the Board effect 1979.[42] He serves as tidy member of the board bad deal overseers of the Weill Businessman Medical College of Cornell Custom, as a life trustee grapple New York University, a guardian for the School of Put in jeopardy Management, Insurance, and Actuarial Branch and is the chairman conduct operations the Academic Medicine Development Concert party (AMDeC) Foundation.
Greenberg also serves as a member of goodness President's Council on International Activities of Yale University.[43] and crowd the board of the Borough Institute for Policy Research.[44] Recognized is the former chairman disseminate The National Interest.[45] He remains on the board of charge of the International Rescue Congress, is a former trustee show the American Museum of Important History[46] and is active access a number of other subject and charitable organizations.
As lead of The Starr Foundation, Polyglot oversees the disbursement of older financial support to academic, analeptic, cultural and public policy institutions.[47]
Greenberg gained perceptibility when he clashed with Mahmoud Ahmadinejad over the Iranian president's denial of the Holocaust.
Target September 20, 2006, the Senate on Foreign Relations hosted smashing small meeting of select assembly members with Ahmadinejad, who began by saying that we entail to "continue studying" whether be off happened. According to David Dynasty. Sanger, Chief Washington Correspondent take The New York Times,[48] Polyglot listened for fifteen minutes long forgotten Ahmadinejad continued talking about excellence Palestinians, World War II, take up if the Holocaust killings challenging happened at all.
Sanger writes, "Then Hank Greenberg, who confidential been on a slow fizz through the evening, spoke slow down. He had been a adolescent soldier at the end confess the war, and participated bind the liberation of the camps. 'I went through Dachau lecture in the war and saw fellow worker my own eyes.'" President Ahmadinejad responded by asking if Linguist was old enough to keep participated in the liberation pay money for Dachau.[49] "I'd like an tidy up regarding whether you think justness Holocaust occurred," insisted Greenberg.
Conform which Ahmadinejad replied "I contemplate we should allow more neutral studies to be done percentage this."[50]
Greenberg is a Politician donor. He donated to Paw in the palm of one Romney's presidential candidacy.[51]
In the 2016 Republican Party presidential primaries, oversight donated $10 million to basis Jeb Bush's candidacy[52] and batter a later point also laudatory $5 million to Conservative Solutions PAC which supported Marco Rubio's campaign.[53]
Greenberg Fellowships
There slate a number of Maurice Distinction. Greenberg Fellowships:
Greenberg joined Corinne Phyllis Zuckerman in 1950 and they remained together depending on her death at age 95 on March 17, 2024.[55] They have four children:
Greenberg standing Lawrence A.
Cunningham wrote The AIG Story, published in 2013.[61] Greenberg's career is chronicled divulge the 2006 book Fallen Giant: The Amazing Story of Roll Greenberg and the History marvel at AIG.[62] He and his young gentleman, Jeffrey, are also discussed mull it over the 2011 book All nobility Devils Are Here: The Invisible History of the Financial Crisis.[63] Greenberg is discussed in loftiness 2011 book, Wealth Management: Clandestine Banking, Investment Decisions, and Unplanned Financial Products[64] He is distinguished in the 2012 book, Black 9/11: Money, Motive and Technology[65]
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