Sometimes even when you're wrong, you're right!
In this morning's post, I took a little mental vacation and forgot to add the word "former" in front of the title of Hank Greenberg, who ran troubled insurer AIG for 38 years until he was forced out in 2005 under fire for alleged financial misconduct (which he denies).
Turns out I might have been right the first time.
Bloomberg is reporting Greenberg is considering an investor-led rescue of his baby:
Greenberg, who retired under pressure from regulators in 2005, may be trying to regain control of AIG amid the insurer's struggle to survive a liquidity squeeze sparked by credit-rating downgrades. Greenberg controls the largest stake in AIG, about 11 percent, through investment firms and personal holdings, and saw the value of the holdings plunge by more than $16 billion this year.
The move was disclosed in an SEC filing and the parties refused comment, but with AIG shares down more than 90 percent this year, Greenberg has a lot of reasons to return to a business he knows better than most.
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