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 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 on 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 married Corinne Phyllis Zuckerman in 1950 and they have four children:
- Jeffrey W. Greenberg, former chairman and CEO of Marsh & McLennan Companies (MMC) before he was ousted.
- Evan G. Greenberg, president and CEO of ACE Limited.
- Scott, venture capitalist in New York.
- Cathleen, doctor in Brookline, Mass.
Together, he and his sons controlled a major portion of the insurance industry.
Read more about this topic: Maurice R. Greenberg
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