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The AIG Story Hardcover – January 29, 2013
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Customers Who Bought This Item Also Bought
Robert Weinstein, The Street / MSN Money
"Great book. For as much rightful anger and disrespect the letters 'AIG' elicit, this book actually changed my view of the insurance giant. Greenberg and Cunningham detail who they blame for the company's downfall. Don't pretend you don't want to hear the rest of that story."
The Motley Fool
"A fascinating company history and account of how, after Greenberg's ouster in 2005, AIG made disastrous mortgage bets that drove it into the arms of the feds."
The Wall Street Journal
The Financial Times
"Strong, fast-moving and well-crafted. A remarkable story."
--John R. Coyne Jr., The National Interest
"A useful contribution to the ongoing shaping of the story of the recent financial crisis. The authors examine Greenberg's career building the biggest insurance company in the world. A Korean War veteran, Greenberg brought Western insurance products to the Soviet Union and Eastern Europe, helped open China to Western finance, and provided indispensable, sometimes covert, services to the U.S. government."
"The AIG Story is well documented, telling of how the company virtually collapsed [after] Greenberg was pushed out of leadership. The book has much information to share with financial leaders to help grow a business and to protect a company during periods of economic downturns. The narrative is written in a style that is understandable."
William Taylor, ABA Banking Journal
From the Author
Hank Greenberg: Chairman and CEO of C.V. Starr & Co., which he joined as vice president in 1960, becoming a director in 1965 and Chairman and CEO in 1968. From 1967 until 2005, he was CEO of American International Group, which grew during that period from a scattered collection of insurance businesses worth about $300 million to the largest insurance company in world history, worth more than $180 billion. After he left AIG, the company's new leadership embarked on a radical transformation that put the company at the heart of the 2008 financial crisis and nearly destroyed it. He has been among the most active and influential international business executives in history.
Lawrence Cunningham: the Henry St. George Tucker III Research Professor at George Washington University Law School and Director of GW's Center for Law, Economics and Finance (C-LEAF) in New York. He is the author of numerous books, including The Essays of Warren Buffett: Lessons for Corporate America, and articles, some of which are drawn on in The AIG Story on topics such as corporate governance and the financial crisis of 2008. On Amazon, Cunningham has been ranked one of the top 100 authors in the category of business and investing.
More About the AuthorsDiscover books, learn about writers, read author blogs, and more.
Top Customer Reviews
I found this story of AIG offered three interesting aspects useful to both laypersons and experts interested in finance. First, it provided a personal story of the Hank Greenberg model of corporate management. The book makes a compelling case that Hank Greenberg was one of those corporate personalities who was able to turn personal discipline into company discipline through the power of managerial motivation. Whether you have a taste for tomes of finance or not, that aspect makes this book useful to enthusiasts of motivation books and managerial books alike.
Second, the book offers unique insights into the evolution of modern finance from the perspective of an entrepreneur who lived the evolution, tempered with the perspective of a co-author with a healthy skepticism but a high level of training in the discipline. Third, the book offers unique insights into the events leading up to the financial crisis of 2008, and makes a credible case that without Mr. Greenberg at the helm the company's problems quickly grew.
I hope readers of this review appreciate that I loved the book, I'm glad I bought it and I would have done so at twice the price. Most importantly from my view, the book introduces an important theme that corporate governance reforms championed as part of the Dodd-Frank Act may have, get ready, actually played a part in causing the financial crisis of 2008!
The focus of the narrative is on the evolution of Greenberg's career from 1952 (at age 27) after returning from service as an officer in the U.S. Army until 2011 when he has embarked on new adventures in the vineyards of free enterprise, building (rebuilding?) C.V. Starr & Company and Starr International Company (SICO) together with several subsidiaries that pre-date AIG. Appropriately, the focus of most of the book is on Greenberg's years at American International Group (AIG), especially during the last decade when internal power plays led to his forced retirement. Also in the same year (2005), then New York Attorney General, Eliot Spitzer made heavily-publicized allegations concerning accounting improprieties. However, revealingly, no criminal charges were ever brought and most of the civil charges were dropped.Read more ›
Most Recent Customer Reviews
Interesting but When the lakes freeze, he then can walk on water!. a little too much of Mr Greenberg.Published 3 months ago by RON
Every time there's a big story like this, you can count on a passel of "journalists" to come a-runnin' to cash in on it. Read morePublished 6 months ago by Castorag
For anyone who thinks insurance is boring. Also list of great management practices.Published 7 months ago by AJamesP
Good read from an insider but comes across as self-serving.Published 11 months ago by Alan I. Lamer