AIG Part Two

Hank Greenberg, former AIG CEO, may have left his old position during an intense media-frenzy and economic debacle, but now he’s back in the spotlight with news of his latest venture, C.V. Starr & Company.

Despite personal reservations about Greenberg, it’s hard to deny his drive. After 40 years as CEO of AIG before resigning amid allegations of accounting fraud and inflating the firm’s earnings, Greenberg is preparing for C.V. Starr & Company to overtake his former company as the world’s insurance giant.

“It’s AIG Two” comments one rival insurance executive who claims Greenberg has brought former AIG employees over to his new company. While AIG attempts to regain its position in the insurance world, Greenberg is using his $4.3 billion in AIG stock to build up the new company and lease grand office spaces such as the 141,000-square-foot office formally belonging to the Lehman Brothers on Park Avenue.

C.V. Starr & Company will be nearly identical to AIG in that it will sell business insurance and be structured as a group of companies. And now will also have the same man in charge. Here’s hoping C.V. Starr & Company’s is one thing that doesn’t resemble Greenberg’s former employer.

Via: New York Magazine