"Basically, he's just starting 'A.I.G. Two' and raiding people out of 'A.I.G. One."
--Douglas A. Love, an insurance executive whose company employs former AIG (AIG) talent. Love, speaking to The New York Times, was talking about Maurice "Hank" Greenberg, the 84-year-old former CEO of AIG who ws pushed out in an accounting scandal in 2005. Now the irrepressible octogenarian is using his hard-won billions in AIG stock to start a firm that will compete with the behemoth that he built and got bailed out by taxpayers last year.
The AIG board's Sunday decision to remove CEO Martin Sullivan and replace him with Bob Willumstad may look like a sudden move. Actually the shift at the top was in the works for a while. This past spring, as AIG's directors extended a lifeline to Sullivan, who had led the insurance giant ever since the ouster of Maurice "Hank" Greenberg in early 2005, they quietly were talking to Willumstad about MOREPatricia Sellers - Jun 16, 2008 4:05 PM ET
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