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Friday, March 20, 2009

Hank Greenberg on CBS re AIG: "greatest company in history"

I'm getting better at posting video, etc..here is one I just heard about on NPR--an interview Hank Greenberg did with CBS this morning about AIG. The quote that caught my ear was the following: "It was the greatest company in history. In the insurance industry, there wasn't anything like it."

(Let me briefly unleash my dormant inner logician. Let p = "It was the greatest company in history" and q = "In the insurance industry, there wasn't anything like it." Clearly the truth values here are p = F and q = T.)

A google search on "hank greenberg AIG greatest company history" led to a news article on the CBS site about the interview:

"Ex-AIG CEO: Don't Blame Me For Bonuses"
http://www.cbsnews.com/stories/2009/03/20/earlyshow/main4878528.shtml

Who is Greenberg?

Greenberg built AIG into the largest insurance company in the world. After nearly 40 years at the helm, he was ousted in 2005 in the midst of an accounting scandal.

Here is the part with the killer quote:

Three CEOs followed Greenberg, but he singles out the current one, Edward Liddy, the government-appointed boss who denied blame this week on Capitol Hill.

Liddy told a congressional hearing, "In reviewing how AIG has been run in prior years, I've also seen evidence of its bad side. Mistakes were made at AIG on a scale few could have ever imagined possible."

Rodriguez: Edward Liddy seemed to imply that a lot of the mistakes at AIG were made when you were CEO."

Greenberg laughed at that.

Rodriguez: Do you accept any responsibility?

Greenberg: Absolutely not. It was the greatest company in history. In the insurance industry, there wasn't anything like it.

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