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October 27, 2009

Ex-AIG CEO Is Back with New Insurance Venture
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The New York Times reports that former AIG CEO Maurice Greenberg is
quietly building up a family of insurance companies that could compete
with his former company. To fill the ranks of his venture, C.V. Starr &
Company, Greenberg has been hiring some people he once employed. One
insurance executive said, “Basically, he’s just starting ‘A.I.G. Two’
and raiding people out of ‘A.I.G. One.‘” People who work in the industry
said Greenberg may soon be siphoning off AIG’s business and, therefore,
its means to repay its debt to the government. AIG was the recipient of
the biggest taxpayer bailout in history.



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