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Shelp, Ronald Fallen Giant: The Amazing Story of Hank Greenberg and the History of AIG eBook

Fallen Giant: The Amazing Story of Hank Greenberg and the History of AIG

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eBook Publisher: John Wiley & Sons
Imprint: John Wiley & Sons, Inc.

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A fascinating look at insurance industry icon Hank Greenberg and the company he led

For nearly 40 years, Maurice "Hank" Greenberg was one of the most powerful CEOs in America. He built American International Group (AIG) from a second-rate insurer with a great Chinese franchise into one of the world’s most profitable companies. Now, in Fallen Giant, author Ronald Shelp–who worked alongside Greenberg and within the AIG organization for many years–with the help of Al Ehrbar, sheds light on both AIG, the company, and Hank Greenberg, the man. Filled with international intrigue and expert business acumen, Fallen Giant explains what was really going on during Greenberg’s tenure at AIG and why these events transpired. Readers will be taken inside a world where meetings with presidents, spies, and leading investment figures are all part of doing business. They’ll also discover how adopting aggressive business tactics overseas–using political clout to cut off aid and threaten trade sanctions–can sometimes help a company’s continued growth. Through a unique insider’s view, Fallen Giant paints a compelling portrait of how the world’s largest provider of property and casualty insurance operates and reveals how AIG’s former leader moved the company into the ranks of the most powerful international corporations.

Ronald K. Shelp (New York, NY) has served as a domestic and international troubleshooter and also supervised worldwide government relations, corporate communications, and advertising/sales promotion at AIG. In the nonprofit arena, Shelp served as president and CEO of the New York City Partnership, founded by David Rockefeller. He wrote the book Beyond Industrialization (0-03-059304-2) and has contributed his insights to numerous books and newspapers. Al Ehrbar (New York, NY) is an experienced business journalist who was formerly an editor and writer at Fortune and chief economic writer for the Wall Street Journal.

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Title of Business & Economics eBook: Fallen Giant: The Amazing Story of Hank Greenberg and the History of AIG
Release Date: 01-02-2007
Publisher: John Wiley & Sons, Inc.

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Parent title Fallen Giant: The Amazing Story of...
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SKU 9780470095645
File size 1773
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NoteExcellent navigation features are available via Adobe such as bookmarks and a quick access table of contents. Text search is easily accessible. An Adobe DRM-protected file is different than a pdf file in that it uses Adobe DRM (Digital Rights Management) technology, which authors and publishers use to protect their content from illegal online distribution and to set certain privileges such as restrictions on copying and printing.

Fallen Giant: The Amazing Story of Hank Greenberg and the History of AIG


Chapter One

How Hank Greenberg Did It

The Four Seasons restaurant on East 52nd Street is an uncommonly rich venue for celebrity spotting. On the first Wednesday in May 2005, midday diners could glance around the room and see Tom Brokaw, Barbara Walters, Colin Powell, and a bevy of other big names, but the person turning the most heads that day wasn't a famous broadcaster or politico. It was Hank Greenberg, the man who built American International Group into the world's largest insurance company. Greenberg had long been a celebrity CEO, at least among the financial cognoscenti, one whose singular accomplishments lifted him above his peers and gave him a stature that overshadowed all but a handful of other corporate chieftains.

Greenberg's celebrity, like that of most business moguls (and insurance executives, in particular), was not the type that turned heads as he walked down the street. Some might know the name, but few knew the face.

Not until 2005, that is, when scandal at AIG put Greenberg's photo in the New York Times almost daily, and a line-drawing of him appeared on the front page of the Wall Street Journal at least once a week. Suddenly, Hank Greenberg was the highly recognizable malefactor of the moment, accused of cooking the books at AIG to inflate profits and make the balance sheet look stronger than the underlying reality. That afternoon at the Four Seasons-on his 80th birthday, of all days-Greenberg was having a new kind of power lunch. His companions were two attorneys, Robert Morvillo and Kenneth Bialkin, and they weren't talking deals. Morvillo is a criminal lawyer whose new assignment was

...

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