Fallen Giant

Beschreibung

A unique insider view into the recent AIG crisis and HankGreenberg For nearly 40 years, Maurice "Hank" Greenberg was one of themost powerful CEOs in America. He built American InternationalGroup (AIG) from a second-rate insurer with a great Chinesefranchise into one of the world's most profitable companies. Buttimes have certainly changed, and now, in the Second Editionof Fallen Giant, author Ronald Shelp-who worked alongsideGreenberg and within the AIG organization for many years-with thehelp of Al Ehrbar, sheds light on both AIG, the company, and HankGreenberg, the man. This fully updated Second Edition digs deep to uncoverthe latest developments for both Greenberg and AIG, such as themany lawsuits underway, including a criminal trial that will sendfive men-one who still works for Greenberg-to prison. It alsochronicles the incredible story of how AIG was rescued by the Fed,and why the government had no choice in the matter. * Includes new insights into the latest developments for both AIGand Hank Greenberg * Reveals the real reasons behind the U.S. government'sunprecedented bailout of AIG * Explores AIG's history, starting in Shanghai in 1919, alongwith the downfall of its CEO * Offers rare insights into how AIG almost collapsed Filled with international intrigue and expert business acumen,the Second Edition of Fallen Giant paints acompelling portrait of both the past successes and current crisesof Hank Greenberg and AIG.

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Ronald Shelp

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"Ron Shelp...does a great job of delving into the individualpersonalities and their motivations, leaving the reader with afront row seat to AIG's genesis, growth, and fall fromgrace." (The Investment Professional) "All Hank Greenberg ever wanted was "an unfair advantage." Thatis the phrase that Ron Shelp chooses to sum up Maurice R.Greenberg, the deposed chairman of the American International Groupand the subject of his "Fallen Giant: The Amazing Story of HankGreenberg and the History of A.I.G.," and it would be hard toimprove on. Insurance, Mr. Greenberg realized early, is the game of playingonly when the odds are in one's favor. For instance, if afar-flung customer wants insurance against a kidnapping -- arisk that few others will touch -- chances are that you cancharge a lot for the policy. As Mr. Greenberg did not fail tonotice, plenty of overseas executives are kidnapped, but many moreare not -- and they pay premiums, too. Throw in a few other "unfair" advantages, like lobbying,cajoling or otherwise persuading governments to do one'sbidding as well as, quite possibly, obscuring some of the truthabout one's operations, and you have the secret of a greatinsurance fortune. Accusations of cooking the books more or less forced Mr.Greenberg to resign last year. Mr. Shelp, a former Greenberglieutenant and troubleshooter at A.I.G., wrote the book ostensiblyto explain his old boss's fall from grace. He asks some very good questions. One is why Mr. Greenberg wouldrisk his $3 billion fortune on some "fairly modest fiddling."Another is this: What did Eliot Spitzer, New York's attorneygeneral and now its governor-elect, have against Mr. Greenberg,whom he all but accused of criminality on Sunday morningtelevision? Then, after the A.I.G. board forced Mr. Greenberg toresign, Mr. Spitzer neglected to charge him after all. Well, nevermind. (Mr. Spitzer did file civil charges, which Mr. Greenberg iscontesting.) Mr. Shelp leaves no doubt that A.I.G. was a master at shapingand, at times, bending the rules, but he argues that the offensesthat got Mr. Greenberg canned were pretty modest, and notes thatreversing the deals in question resulted in a write-down of only 3percent of A.I.G.'s equity... ...Alas, even modest fiddling, such as the "earningsmanagement" he was accused of, is no longer tolerated in Americanbusiness. Mr. Greenberg seems not to have noticed. But even ifA.I.G. hadn't changed, the world had". (New YorkTimes, December 17, 2006)
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