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November 22, 2008 11:50:22 AM CST



Feisty Exec Straddles Two Financial Crises

Posted Jun 17, 08 7:50 PM CDT in Glossies Business 

(Newser) – At age 83, Hank Greenberg is on anything but a quiet path to retirement. The legendary exec is smack in the middle of two of the biggest financial stories of the day—the upheaval at insurance giant AIG and the struggle to salvage Lehman Brothers. Portfolio looks at Greenberg's reversal of fortune since his resignation from AIG in 2005 after 4 decades.

At the time of his departure, Greenberg was under the scrutiny of then-AG Eliot Spitzer. But Greenberg retained some control in AIG and played a central role in last week's ouster of protege-turned-nemesis Martin Sullivan. AIG's new chief executive has reached out to Greenberg, so far unsuccessfully. Meanwhile, in another sign of his enduring financial clout, Greenberg's C.V. Starr firm is leading the Lehman Brothers bailout.

Source Portfolio

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Martin J. Sullivan, the former CEO of AIG who was ousted last weekend, was once a protégé of Hank Greenberg.   (AP Photo/Mary Altaffer, file)
Maurice "Hank" Greenberg, the former chairman of insurer American International Group, says he has no plans to return to his former company.   (AP Photo/Stephen Chernin, file)
In 2005, former New York Attorney General Eliot Spitzer accused AIG Chairman and CEO Hank Greenberg of cooking the firm's books to deceive regulators and investors.   (AFP/Getty Images)
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