News / Business
Maurice "Hank" Greenberg Has Lost $1.3 Bil in AIG Stock Price Plunge
Maurice "Hank" Greenberg, the former CEO of American International Group (NYSE: AIG), lost $3.1 billion last week as the insurance company's stock dropped 46%.
AIG executives were working on a plan late yesterday to raise capital and sell assets as AIG, the biggest U.S. insurance company, faces likely credit rating downgrades. On Tuesday, the Fed asked Goldman Sachs and JPMorgan Chase to assist in giving $70-75 billion to get AIG out of its financial crisis.
Greenberg, 83, controls 11 percent of AIG shares through two investment firms and personal holdings. Greenberg now runs C.V. Starr & Co. and Starr International Co., two closely held firms once linked to AIG.
AIG's stock price has fallen more than 80 percent since Oct. 9 of last year, causing more than $17 billion in losses for Greenberg and his firms. AIG has reported three straight quarterly losses tied to U.S. mortgages.
Greenberg ran AIG for 38 years until stepping down in 2005. He was replaced by Martin Sullivan whose three-year tenure ended in June when current CEO Robert Willumstad took over.
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