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Binding has minimal wear. The majority of pages are undamaged with minimal creasing or tearing, minimal pencil underlining of text, no highlighting of text, no writing in margins. No missing pages.


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AIG's Story

Why is this review inappropriate? Greenberg and L Back to home page. Listed in category:. Email to friends Share on Facebook - opens in a new window or tab Share on Twitter - opens in a new window or tab Share on Pinterest - opens in a new window or tab Add to Watchlist. Opens image gallery Image not available Photos not available for this variation. Sellers set the item's declared value and must comply with customs declaration laws. They help us understand AIG's distinctive entrepreneurial culture and how its outstanding employees worldwide helped pave the road to globalization.

Attorney General Eliot Spitzer and the U. And it is a story extremely well told.


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Readers are regaled with tales from Maurice R. Not another self-serving business biography or dry corporate history, The AIG Story is a business adventure. At the same time, he AIG Story is a fascinating account of the world's rough ride toward globalization and the triumph of free and open markets over communism, nationalism, protectionism, and isolationism, and the significant role Greenberg and AIG played in that victory. Integral to the story is the authors' well-informed take on the global financial crisis and AIG's part in it.

Greenberg and Cunningham explain how, in , beset by an army of overzealous lawyers and ambitious politicians--foremost among them, then New York Attorney General Eliot Spitzer--AIG was seriously wounded. And Greenberg and Cunningham describe how, three years later, in , in an effort to save Wall Street from its own vices, the U.

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Government seized AIG, using it to funnel staggering amounts of bailout money to Goldman Sachs and other "too-big-to-fail" banks. Through Greenberg's direct involvement and Cunningham's craftsmanship, The AIG Story reveals much about those events which, until now, has been kept hidden from the public. The only firsthand account of American International Group's rise and near-destruction, The AIG Story is both the compelling chronicle of one of the great business success stories of the twentieth century and a captivating history of the evolution of global capitalism over the past six decades.

At the same time, The AIG Story is a fascinating account of the world's rough ride toward globalization and the triumph of free and open markets over communism, nationalism, protectionism, and isolationism, and the significant role Greenberg and AIG played in that victory. Greenberg was ousted amid an accounting scandal in February On May 1, , investigations conducted by outside counsel at the request of AIG's Audit Committee and the consultation with AIG's independent auditors, PricewaterhouseCoopers LLP resulted in AIG's decision to restate its financial statements for the years ended December 31, , , and , the quarters ended March 31, June 30 and September 30, and and the quarter ended December 31, Martin J.

Sullivan became CEO of the company in He began his career at AIG as a clerk in its London office in It insured tens of billions of dollars of derivatives against default, but did not purchase reinsurance to hedge that risk. Secondly, it used collateral on deposit to buy mortgage-backed securities.

When losses hit the mortgage market in , AIG had to pay out insurance claims and also replace the losses in its collateral accounts. This letter was the latest volley in what The Wall Street Journal called a "public spat" between the company's board and management, on the one hand, and its key stockholders, and former CEO Maurice Greenberg on the other hand. On June 15, , after disclosure of financial losses and subsequent to a falling stock price, Sullivan resigned and was replaced by Robert B.

Willumstad was forced by the US government to step down and was replaced by Ed Liddy on September 17, AIG had sold credit protection through its London unit in the form of credit default swaps CDSs on collateralized debt obligations CDOs but by , they had declined in value. The credit facility was secured by the stock in AIG-owned subsidiaries in the form of warrants for a How do they justify this outrage to the taxpayers who are keeping the company afloat? AIG began selling some assets to pay off its government loans in September despite a global decline in the valuation of insurance businesses, and the weakening financial condition of potential bidders.

AIG sold down its majority ownership of reinsurer Transatlantic Re. In October , The Wall Street Journal reported that the Tomlinson family was allowed to join a civil suit involving AIG for its alleged complicity in a ' stranger-originated life insurance ' scheme. Nine years after the initial bailout, in , the U. The United States Department of the Treasury announced an offering of The sale reduced Treasury's stake in AIG to 61 percent, from 70 percent before the transaction. The AIG logo and the Adidas logo, the league's primary sponsor, will be displayed on the league's team jerseys.

The U.

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Department of the Treasury in December published an itemized list of the loans, stock purchases, special purpose vehicles SPVs and other investments engaged in with AIG, the amount AIG paid back and the positive return on the loans and investments to the government. In addition, AIG sold off a number of its own assets to raise money to pay back the government. Industry veteran Brian Duperreault became the chairman of the new entity, and Richard Friesenhahn, the executive vice president of U.

In Australia and China, AIG is identified as a large financial institution and provider of financial services including credit security mechanisms. AIG offers property casualty insurance, life insurance, retirement products, mortgage insurance and other financial services. SunAmerica, life-insurance and retirement-services division, was renamed AIG Life and Retirement, other existing brands continue to be used in certain geographies and market segments. Hank Greenberg, with lead lawyer David Boies, independently sued the U.

Insurer to the World

Greenberg and the U. Government appealed to the Court of Appeals for the Federal Circuit, which ruled that Greenberg had no legal right to challenge the bailout because that right belonged to AIG, which in this case, chose not to sue. AIG filed suit against the New York Federal Reserve in January in order to maintain the former's right to sue Bank of America and other issuers of bad mortgage debt.

This transaction, AIG argued, prevented them from recouping losses from insured banks.