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Hank Greenberg: Humanitarian

He sued the government for the little people.
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Man of the people.

The former (some might say disgraced, although those who live in glass houses…) AIG chief didn’t bring his Pyrrhically successful lawsuit challenging the federal bailout of the insurance giant just to keep Snowflake in shoes, or to resuscitate his reputation, or for any reason directly related to the Greenberg family. He did it for the little guys. And he’ll see to it that they get what’s coming to them, even if he has to live forever.

“Obviously, we didn’t bring the lawsuit to win half of a victory,” he said Thursday in an interview in his office on New York’s Park Avenue….He said he was motivated partly by the letters and emails he said he received from AIG employees and retirees whose stakes in AIG were gutted by the free fall in the company’s stock in 2008 and were diluted by the government’s controlling stake as the company rebounded. “So what obviously is disappointing [in the ruling] is that the government made $23 billion [in profit on the transaction], and they keep those funds,” he said. “Many thousands of shareholders lost their life savings.”

Greenberg Gets Ready for Round 2 in AIG Fight [WSJ]


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