Wednesday, January 9, 2013

Shameless


Hank Greenberg didn’t get to where he is today by being timid. The former chairman of AIG built the company up from humble beginnings in the 1960s to become the world’s largest insurance company, before a 2005 accounting scandal forced Greenberg to step down. But he remained a major shareholder through the U.S. government’s 2008 bailout of the company, when the feds took an 80% stake in the firm in exchange for an $85 billion loan, which saved the company from certain bankruptcy. (The bailout eventually ballooned to $182 billion loan in exchange for a 92% stake.)

But Greenberg isn’t thankful for the rescue. In fact, he thinks we the taxpayers ripped him off in the deal, and he will meet with AIG’s board today in an attempt to convince the company to join his company, Starr International, in a law suit against the federal government, according to a report yesterday in The New York Times.



Read more: http://business.time.com/2013/01/09/a-heaping-helping-of-chutzpah-aig-considers-suing-the-u-s-government-for-bailing-it-out/#ixzz2HUpvdpXK

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