1.
U.S. markets recover from steep losses
NEW YORK, Sept. 18 (UPI) -- Maurice Greenberg, former chief executive officer of American International Group, said he watched his own fortune nearly vanish as the company collapsed.
"I've lost my entire net worth, literally my entire net worth," Greenberg said during a Wednesday appearance on ABC's "Good Morning America."
As AIG collapsed this week, seized by the federal government, it was estimated Greenberg lost about $3 billion, ABC reported Thursday.
The fortune Greenberg built up, guiding AIG for 27 years and turning it into the country's largest insurance firm, collapsed the same week Forbes Magazine was doing last minute edits to its annual list of the America's 400 wealthiest people. Greenberg, who still owns a private jet, homes in New York City and Brewster, N.Y. and an office on Park Avenue, was edited out, ABC said.
Greenberg left AIG in 2005 amid a highly publicized fraud investigation, but his next two ventures were still heavily tied to his former company, the report said.
"I'll get by," Greenberg said during the broadcast. "But my heart goes out for the thousands and thousands of employees and their families who are shareholders, and not only in the United States but worldwide," he said.
|
|
|
|
|
|
| Additional Business News Stories | |
BEIJING, May 24 (UPI) --
China National Offshore Oil Corp. announced Thursday it made a new oil discovery in the shallow waters of south Liaodong Bay.
|
WASHINGTON, May 24 (UPI) --
Australia is seeking to upgrade its F/A-18F fighter aircraft to the "G" configuration, the U.S. Defense Security Cooperation Agency said.
|
First-time buyers are driving the expectations that a recovery has begun. Their numbers and market share are growing despite financing roadblocks and competition with investors for entry-level homes. ...
|
It is a whole new ball of wax in Europe these days.
|
| Stories | Photos | People | Comments |
View Caption
