AIG's former Chairman Maurice Greenberg has been compared to Citizen Kane for his political ambition. He's a major contributor to the Republican Party and, before his fall, had his hands on the levers of government and public opinion. At the time of his indictment in 2005 by Eliot Spitzer on stock manipulation charges, Greenberg was in the process of attempting to takeover the New York Times.
A more apt comparison of Greenberg, until 2005 Chairman of AIG (the 18th largest company in the world), is to the late Armand Hammer, Chair of Occidental Petroleum, benefactor of the Soviet Union and the GOP in the 1970s and early 1980s. As one of his last acts as President, George H.W. Bush pardoned Hammer, who had been convicted of fraud.
Both Greenberg and Hammer were extremely successful agents of influence, and very much at or near the top of the American foreign policy establishment.
Greenberg has been a contributor to Senator John McCain, as well as a trusted ally of George H.W. Bush's wing of the CIA and of the People's Republic of China.
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Editor & Publisher related some interesting facts about Mr. Greenberg, several years ago:
Who Is Maurice Greenberg, Man Behind Bid for 'NY Times'?
http://www.editorandpublisher.com/...
NEW YORK Because of the "dual stock" status of The New York Times Co., the chances that Maurice "Hank" Greenberg -- the former AIG chairman and CEO now reported to be intent on taking over the company -- will actually succeed in his quest may be slim. Still, he is a man to be reckoned with, and who knows what ripple effects may appear.
If Greenberg ever did get in the position to run the company, the political orientation of the paper might well change. Greenberg has strong Republican connections -- friend of Henry Kissinger, once mentioned as a Reagan appointee to help run the CIA, and a funder of GOP candidates.
Federal election forms show that he gave $1000 to former Rep. Mark Foley for both his 2000 and his 2004 races. For the latter campaign, he donated $2000 to George Bush and $1000 or more to Sen. John McCain, Rep. David Dreier, Rep. Dennis Hastert, Sen. Christopher Bond and several other Republicans, as well as Democratic Sen. Christoper Dodd (who represents Connecticut, a big insurance state). Over the years he strongly favored Republicans with his donations, with a smattering of Democrats, including Rep. Charles Rangel, mixed in. Greenberg gave to both Ronald Reagan and George H.W. Bush in their races for the White House.
For the 2006 race, he funded Sen. John Kyl of Arizona in his successful re-election bid.
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And, Greenberg was, indeed, a powerful force guiding the Republican foreign policy and trade agendas.
http://www.atimes.com/...
In 1962, Starr appointed Greenberg to head AIG's then failing North American operations. In a remarkable display of business prowess, Greenberg turned the unit around, a feat that encouraged Starr to name him his successor before passing away in 1968.
Starr bequeathed all his wealth to the C V Starr Foundation, one of the largest foundations in the United States, with over $3 billion in assets. Greenberg became the chairman of this foundation while also assuming the reins at AIG. Under his leadership, the company prospered while he himself became one of the kingpins of American foreign policy.
In 1977, he became a member of the Council of Foreign Relations, arguably America's most influential think-tank, and over the next three decades he would hold numerous leadership positions in the council, culminating in 1997 with the founding of the Greenberg Chair.
Today, the Greenberg Chair "is the senior person directly responsible for the substantive content and management" of the think-tank. Greenberg has also been a member of the board of directors of the New York Stock Exchange; a former chairman, deputy chairman and director of the Federal Reserve Bank of New York; a member of the US-China Business Council; the chairman of the Asia Society; and a member of the Advisory Committee for Trade Policy and Negotiations to the President of the United States.
With all of these roles, plus his control over the resources of the Starr Foundation and the American International Group, Greenberg's power to shape America's foreign policy was rivaled only by Citizen Kane.
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In starkest terms, Hank Greenberg is an agent of influence for a powerful foreign power, one that just happens to be a primary rival of the United States:
Greenberg's lobbying efforts were a driving factor behind America's decision to support China's admission to the World Trade Organization, which it officially joined in November 2001. Undoubtedly, a fair amount of the credit for the creation of an American policy environment that is favorable to China is due to Greenberg and the resources that were generated by AIG. Ibid.
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Finally, what is AIG, the corporation, to which the Fed this morning extended a $85 billion taxpayer loan? Today, it is an extension of the Chinese national insurance company, that holds many billions of federal debt, accumulated during the Bush-Cheney era of Republican domination:
https://www1.aia.com.cn/...
AIG companies in China —— At a glance
1919 The AIG companies were one of the very few U.S. companies to have their origins in China when their founder, C.V. Starr, formed American Asiatic Underwriters in Shanghai.
1921 C. V. Starr founded Asia Life Insurance Company, the first foreign life operation to offer products and services to the Chinese people.
1931 International Assurance Company, Ltd was established. It was renamed American International Assurance Company, Limited in 1948.
1975 AIG former Chairman & CEO, Maurice R. Greenberg, made his first visit to Beijing and has since traveled many times to China.
1980 The AIG companies opened a representative office in Beijing, the first set up in modern China by a foreign financial institution.
China America Insurance Company (CAIC) was formed as a 50-50 joint venture between AIG companies and the People's Insurance Company of China (PICC). This was the first joint venture between a foreign insurance organization and PICC.
1990 The AIG companies organized, financed and chaired a major financial services conference in Shanghai to assist then Mayor Zhu Rongji in introducing the international financial community to investment opportunities in Shanghai.
1992 The AIG companies strengthened their presence in China through a branch office of AIA in Shanghai, the first foreign-owned life and non-life insurance business to receive a license from the People's Bank of China.
1994 AIA-Shanghai and Fudan University jointly established AIA-Fudan Actuarial Center.
AIA Information Technology (Guangzhou) Co., Ltd. was established.
1995 The AIG companies were granted life and non-life insurance licenses for Guangzhou by the People's Bank of China.
1996 AIA signed a 30-year lease agreement on the building at 17 Zhongshan East No. 1 Road in the heart of Shanghai's famous Bund. This special building was home to C. V. Starr's original Shanghai insurance companies.
AIA-Zhongda Actuarial Center was established in Guangzhou.
1997 On approval from the People's Bank of China, AIA Shanghai General Insurance Division was re-named and established as AIU Insurance Company Shanghai Branch.
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And, if one is the Chairman of the Federal Reserve or the Republican candidate for President, one certainly does not short-change such a key ally, one that is too big to fail, and too big to offend.
Not at any cost.