By Maurice R. Greenberg, Lawrence A. Cunningham
The AIG Story first chronicles the origins of the corporate and its relentless pioneering of open markets all around the international from 1970 to 2005. It then explores how the corporate faltered after it followed a one-size-fits-all company governance constitution that became the corporate the wrong way up and placed it on the heart of the 2008 monetary trouble the place the experts seized upon it as either scapegoat and strategy to the drawback. Produced in keeping with a mixture of co-author Hank Greenberg's own involvement and the craftsmanship and goal writing of Professor Lawrence Cunningham, this book:
- Corrects common misconceptions approximately AIG that arose because of its function on the middle of the monetary obstacle of 2008.
- Portrays one of the enduring companies of the 20 th century which constructed shut relationships with the various most vital global leaders of the interval and helped to open markets everywhere.
- Opens new critical viewpoint on battles with N. Y. lawyer basic Eliot Spitzer and the 2008 U.S. executive seizure of AIG amid the monetary crisis.
- Shares personal information publicly for the 1st time.
The AIG tale captures a magnificent saga in company history--one of innovation, imaginative and prescient and management at an organization that was once virtually destroyed with a number of strokes of governmental pens. The AIG Story carries important classes and implications for the united states, particularly its function in foreign affairs, its method of company, its felony process and its dealing with of economic crises.
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Extra resources for The AIG Story
Executive officers denied the homicide fees with no research. Public furor erupted, changing into by way of February 1986 the powerful “People energy Revolution. ” even if President Marcos deliberate to hunt a fourth time period within the presidency, humans had misplaced self belief in his management and have been longing for switch. This flip of occasions involved the U.S. and AIG. either had invested considerably within the nation and either felt a accountability to humans within the Philippines. the U.S. had vital army bases there—Clark Air Base and Subic Bay Naval Base. Many Filipino voters thirsted for independence from the U.S., and hence a few hottest to have U. S. forces withdraw. Presidential management used to be had to clarify why army withdrawal was once now not within the nationwide curiosity and why the shut alliance with the U.S. used to be crucial. From AIG’s standpoint, Philamlife used to be not just a filthy rich company yet an immense Filipino company citizen. Its pursuits and presence within the Philippines ran deep. It had outfitted a wide worker and policyholder base, helped humans gather reductions (it was once the “House of Savings”), contributed considerably to the improvement of the nationwide financial system, and projected and sustained a good picture of the USA within the well known Filipino brain. In April 1985, a senior U. S. govt authentic contacted Greenberg to invite if he may seek advice from President Marcos approximately foregoing one other time period. U. S. govt officers believed that Greenberg’s wisdom of the Philippines and dating with its management located him higher than an individual to make this overture. It was once consistently smooth for one state to interfere in one other country’s family politics and thorny for the U. S. govt to enlist the help of inner most voters in such an intervention. to rearrange the assembly, Greenberg reached out to Roberto (“Bobby”) V. Ongpin, a best aide to Marcos then serving as minister of alternate and undefined. traveling Manila in might 1985, Greenberg used to be joined within the attempt through Admiral Robert L. J. lengthy, retired U. S. commander of the Pacific, and John S. Reed, chairman of Citicorp, which additionally had an important presence within the Philippines relationship to the early 20th century. thirteen the boys flew in individually, assembly on the Manila airport within the past due afternoon ahead of heading to the Malacañang Palace for dinner. after they arrived, it was once transparent that Marcos had turn into gravely sick. After the meal, whereas sipping tea, Greenberg took up his job. Turning towards Marcos, Greenberg cleared his throat: “Mr. President, we've identified each other for a very long time. i must converse frankly with you approximately whatever. ” Marcos, who appeared bloated, was once having hassle respiring, as Greenberg persevered, “Are you feeling ok? ” The president’s expression was once clean, replying that he felt tremendous and his future health used to be now not of outrage. Greenberg leaned ahead over the desk, clasping his palms earlier than him, asserting, “As you recognize, operating for place of work is strenuous. Given your health and wellbeing, is it fairly a good suggestion to run for president of the Philippines back?