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Former CEO Greenberg Most Likely to Sit Out Auction of AIG Units

Posted on 21 Jan 2009

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Maurice “Hank” Greenberg, former chief executive officer of American International Group Inc., will probably sit out auctions of AIG businesses as the firm seeks cash to repay a $60 billion government loan. 
“What I’d rather see is AIG not decimated,” Greenberg, 83, said today in an interview. “I’d rather not be a part of that if it can be helped.” 
Greenberg’s decision may remove a potential bidder as AIG CEO Edward Liddy, appointed in September, sells units including plane leasing and life insurance. Greenberg, who controls the largest stake of AIG shares after the government, said in a Sept. 16 regulatory filing that he’d consider acquiring subsidiaries. 
Sales of units should be halted immediately, Greenberg said today. The New York-based company is nearing a point at which “the likelihood of rebuilding becomes very remote,” he said.