Former AIG Chief Building AIG 2, Luring Talent From Rescued Firm

October 27, 2009

(ChattahBox) — These are the type of post-bailout stories that annoy me the most. Maurice Greenberg, the founder of the insurance giant A.I.G., who was pushed out of A.I.G. after an accounting scandal in 2005 is making a comback. Greenberg, 84, and his venture C.V. Starr & Company, is quietly building up a family of insurance companies that can compete with his old outfit. Too big to fail my a$$!

Greenburg fought with A.I.G. after his removal, earning the rights to $4.3 billion in A.I.G. stock that the company argued he improperly cashed out and used to finance new business ventures that were competing with his former company. Now a New York Times report says that Greenberg may be exploiting the Treasury’s move to severely limit pay at A.I.G. and other companies bailed out by taxpayers,assisting with the exodus of talent from the old firm to his new one, as he is free to pay whatever it desires.  Not only does Greenberg make out like a bandit, but by “siphoning off” talent from AIG, the beleaguered company could be much less likely to repay its government debt.


Comments

One Response to “Former AIG Chief Building AIG 2, Luring Talent From Rescued Firm”

  1. Ed from Miami on October 27th, 2009 6:27 pm

    All of those Italian names had my mind reeling, and I also remembered Mr. Cassano, happily squirreled away in London, just outside the reach of the cavity-searching, green-mile-giant-sized, potato-peeling-gloved ham fist of the law he so richly earned and deserves. I was wondering what other last names might be available for Mr. Greenberg’s consiglieri – Corleone? Tattaglia? Capone? Bonano? Gotti? Do these guys own Mr. Greenberg or did the IRS miss something?

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