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Fallen Giant: The Amazing Story of Hank Greenberg and the History of AIG
A unique insider view into the recent AIG crisis and Hank Greenberg For nearly 40 years, Maurice "Hank" Greenberg was one of the most powerful CEOs in America. He built American International Group (AIG) from a second-rate insurer with a great Chinese franchise into one of the world's most profitable companies. But times have certainly changed, and now, in the Second Edition of Fallen Giant, author Ronald Shelp-who worked alongside Greenberg and within the AIG organization for many years-with the help of Al Ehrbar, sheds light on both AIG, the company, and Hank Greenberg, the man. This fully updated Second Edition digs deep to uncover the latest developments for both Greenberg and AIG, such as the many lawsuits underway, including a criminal trial that will send five men-one who still works for Greenberg-to prison. It also chronicles the incredible story of how AIG was rescued by the Fed, and why the government had no choice in the matter. Filled with international intrigue and expert business acumen, the Second Edition of Fallen Giant paints a compelling portrait of both the past successes and current crises of Hank Greenberg and AIG.
- GenresBusiness
371 pages, Kindle Edition
First published July 28, 2009
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July 22, 2024
DID THE "CULT OF GREENBERG" AT AIG LEAD TO ITS DOWNFALL?
Ron Shelp worked at AIG for years. He wrote in the Prologue to this 2006 book, "In writing this book, I hoped to learn what happened at AIG---the place employees call the most exciting organization in the world. Was it (Maurice "Hank") Greenberg's hubris that ultimately led to his downfall or was it a combination of complex reasons and people---the 'perfect storm,' where business meets regulation and political ambition?"
He cites AIG's "odd sense of entitlement," where it occasionally "flouted the rules," and operated as "close to the edge" as it had to in order to achieve its business goals. (Pg. 10) He notes ironically that AIG's fall came after an "apparently modest degree of accounting chicanery." (Pg. 12)
He criticizes the development over the last 30 years of a "cult of Greenberg," which stifled creativity, etc. (Pg. 33-34) He also notes that although CEOs normally want to avoid being named on Fortune magazine's list of "Ten Toughest Bosses in America," Greenberg "was disappointed if he was left off." (Pg. 129)
He wonders why a successful multi-billionaire like Greenberg would risk his reputation and even his freedom with such "modest" fiddling with AIG's reported earnings; why AIG's outside directors would "turn on him so quickly and force him out in such a humiliating way?... Was this a coup...?"; Why did New York Attorney General Eliot Spitzer "go after Greenberg with such incredible zeal... and then never charge him with a crime?" (Pg. 155) But ultimately, AIG "de facto admitted everything it was charged with and apologized for it." (Pg. 173)
This is a fascinating chronicle of the rise of AIG, and its eventual "fall"---although it still exists, and is struggling to sell off assets, etc.
Ron Shelp worked at AIG for years. He wrote in the Prologue to this 2006 book, "In writing this book, I hoped to learn what happened at AIG---the place employees call the most exciting organization in the world. Was it (Maurice "Hank") Greenberg's hubris that ultimately led to his downfall or was it a combination of complex reasons and people---the 'perfect storm,' where business meets regulation and political ambition?"
He cites AIG's "odd sense of entitlement," where it occasionally "flouted the rules," and operated as "close to the edge" as it had to in order to achieve its business goals. (Pg. 10) He notes ironically that AIG's fall came after an "apparently modest degree of accounting chicanery." (Pg. 12)
He criticizes the development over the last 30 years of a "cult of Greenberg," which stifled creativity, etc. (Pg. 33-34) He also notes that although CEOs normally want to avoid being named on Fortune magazine's list of "Ten Toughest Bosses in America," Greenberg "was disappointed if he was left off." (Pg. 129)
He wonders why a successful multi-billionaire like Greenberg would risk his reputation and even his freedom with such "modest" fiddling with AIG's reported earnings; why AIG's outside directors would "turn on him so quickly and force him out in such a humiliating way?... Was this a coup...?"; Why did New York Attorney General Eliot Spitzer "go after Greenberg with such incredible zeal... and then never charge him with a crime?" (Pg. 155) But ultimately, AIG "de facto admitted everything it was charged with and apologized for it." (Pg. 173)
This is a fascinating chronicle of the rise of AIG, and its eventual "fall"---although it still exists, and is struggling to sell off assets, etc.
Displaying 1 of 1 review