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Who Is Hank Greenberg Trying to Fool?
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At today's congressional hearing on AIG, former CEO Hank Greenberg was asked: "Do you take any responsibility at all?" To which he responded:
Well, it's pretty easy to be responsible for something -- the financial crisis and collapse of AIG -- that happens when you're "not there." Greenberg ran AIG from 1968 until 2005. AIG's financial products unit opened shop in 1987. It started writing credit default swaps in the late '90s. All under Greenberg's watch. That doesn't mean it's all his fault. But it does mean his claims of angelic purity are starting to look increasingly preposterous.
No I don't.Gosh. In a separate interview with the Wall Street Journal he elaborates: "I don't feel any responsibility at all. How can I be responsible for something that occurred when I'm not there?"
Well, it's pretty easy to be responsible for something -- the financial crisis and collapse of AIG -- that happens when you're "not there." Greenberg ran AIG from 1968 until 2005. AIG's financial products unit opened shop in 1987. It started writing credit default swaps in the late '90s. All under Greenberg's watch. That doesn't mean it's all his fault. But it does mean his claims of angelic purity are starting to look increasingly preposterous.
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