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A unique insider view into the recent AIG crisis and Hank GreenbergFor 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.
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Fallen Giant: The Amazing Story of Hank Greenberg and the History of AIG
Ronald Shelp with Al Ehrbar
John Wiley & Sons, Inc.
Copyright © 2006 by Ronald Shelp. All rights reserved Published by John Wiley & Sons, Inc., Hoboken, New Jersey Published simultaneously in Canada No part of this publication may be reproduced, stored in a retrieval system, or transmitted in any form or by any means, electronic, mechanical, photocopying, recording, scanning, or otherwise, except as permitted under Section 107 or 108 of the 1976 United States Copyright Act, without either the prior written permission of the Publisher, or authorization through payment of the appropriate per-copy fee to the Copyright Clearance Center, Inc., 222 Rosewood Drive, Danvers, MA 01923, (978) 750-8400, fax (978) 750-4470, or on the web at www.copyright.com. Requests to the Publisher for permission should be addressed to the Permissions Department, John Wiley & Sons, Inc., 111 River Street, Hoboken, NJ 07030, (201) 748-6011, fax (201) 748-6008, or online at http://www.wiley.com/go/permissions. Limit of Liability/Disclaimer of Warranty: While the publisher and author have used their best efforts in preparing this book, they make no representations or warranties with respect to the accuracy or completeness of the contents of this book and specifically disclaim any implied warranties of merchantability or fitness for a particular purpose. No warranty may be created or extended by sales representatives or written sales materials. The advice and strategies contained herein may not be suitable for your situation. You should consult with a professional where appropriate. Neither the publisher nor author shall be liable for any loss of profit or any other commercial damages, including but not limited to special, incidental, consequential, or other damages. For general information on our other products and services or for technical support, please contact our Customer Care Department within the United States at (800) 762-2974, outside the United States at (317) 572-3993 or fax (317) 572-4002. Wiley also publishes its books in a variety of electronic formats. Some content that appears in print may not be available in electronic books. For more information about Wiley products, visit our web site at www.wiley.com. Library of Congress Cataloging-in-Publication Data: Shelp, Ronald Kent. Fallen giant : the amazing story of Hank Greenberg and the history of AIG / Ronald Shelp with Al Ehrbar. p. cm. Includes bibliographical references. ISBN-13: 978-0-471-91696-3 (cloth) ISBN-10: 0-471-91696-X (cloth) 1. Greenberg, Maurice R. 2. Businesspeople—United States—Biography. 3. Insurance executives—United States—Biography. 4. Insurance companies—United States—History. 5. American International Group, Inc.—History. 6. Adler, Rodney. I. Ehrbar, Al. II. Title. HC102.5.G717S54 2006 368.0092—dc22 [B] 2006020338 Printed i