Interview: Hank Greenberg Is on a Mission to Save AIG
Former AIG head Maurice R. "Hank" Greenberg doesn’t think much of the government’s original bailout; worries about his former employees but believes there's still a glimmer of hope. BestWeek’s David Dankwa interviews.
DAVID DANKWA: I'm David Dankwa of BestWeek. Following is an interview with Maurice "Hank" Greenberg, who until three and a half years ago headed American International Group. Greenberg has been a critic of the government bailout of AIG and remains a keen observer of the insurance industry. We join the interview as he reacts to a question about reports of intense price competition.
MAURICE ("Hank") GREENBERG: Look, market share in a property/casualty company is a dumb strategy. That’s not a new invention. Many companies have done that. There’s a cemetery of companies who followed that practice. It’s a dumb strategy. If they’re doing that it’s stupid. But when you’re under pressure as they are and people don’t have the same oversight and there’s not an adult in charge, what happens? It’s not the first time in insurance history this has occurred. It would be a very foolish thing to do.
DANKWA: I’m wondering, in your view in this environment, how do you keep people from leaving the organization at this time?
GREENBERG: You mean AIG’s environment.
DANKWA: AIG’s environment.
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