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Maurice R. Greenberg
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 the Starr Companies.
Maurice R. Greenberg 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 II,
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
degrees from several colleges including Brown University, Middlebury College,
New York Law School and The Rockefeller University.
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
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.
Other public positions
Greenberg is Chairman Emeritus of the US-ASEAN Business Council. He is also
vice chairman and director of the Council on Foreign Relations 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, a 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
and a member of the US–China 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 the 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 Cornell Medical College of Cornell University, as a
life trustee of New York University, a trustee for the School of Risk
Management, Insurance, and Actuarial Science and is the 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.[citation
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 is 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
The Maurice "Hank" Greenberg Scholarship, administered in his name by the
US-China Education Trust, supports the studies of ten Chinese students from
low-income families each year at Yunnan University.
Interaction with Mahmoud Ahmadinejad
This section contains information of unclear or questionable importance or
relevance to the article's subject matter. Please help improve this article by
clarifying or removing superfluous information. (January 2013)
On September 20, 2006, the Council on Foreign Relations 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
On March 15, 2005, AIG's board forced Greenberg to resign from his posts as
chairman and CEO under the shadow of criticism from Eliot Spitzer, attorney
general of the state of New York. On May 26, 2005, as part of a series of
actions against the alleged criminal activities 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.
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 allegations. Greenberg settled on a $15 million fine for the
accusations of fraudulent AIG financial positions.
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
In November 2012, a Miami court dismissed Greenberg's claims that the Federal
Reserve Bank of New York broke the fiduciary rights of AIG shareholders during
the bailout rescue.
In late 2012, Greenberg's Starr International announced a lawsuit against the
federal government. According to Reuters, the lawsuit seeks $55.5 billion in
damages against the government stemming from the government's financial bailout
In July 2013, Greenberg filed a civil lawsuit against Spitzer alleging that
Spitzer made repeated defamatory statements against him.
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