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.
Ex-AIG CEO Is Back with New Insurance Venture
HeadlineOct 27, 2009