Too Big to Fail - Andrew Ross Sorkin [311]
His partner, Marge Magner, was another Citi exile: With Citigroup since 1987, Magner had most recently been chairman and CEO of the company’s Global Consumer Group. Mark McSherry and Jonathan Stempel, “Citigroup’s Consumer Chief Magner to Leave,” Reuters, August 22, 2005.
Brysam Global Partners: Brysam began business at the end of January 2007. “Willumstad and Magner Establish Private Equity Firm that Will Focus on Financial Services Investments in Emerging Markets,” Business Wire, January 22, 2007.
He was the chairman of the board of American International Group: Willumstad first joined AIG’s board as a director in early 2006. Later that year Frank Zarb, acting as interim chairman, suggested him for the job. Emily Thornton and Jena McGregor, “A Tepid Welcome for AIG’s New Boss,” BusinessWeek, June 30, 2008.
Joining Weill two decades ago: Willumstad began at Weill’s Commercial Credit in 1987. Francesco Guerrera, “Quiet Giant Confronts a Colossal Challenge,” Financial Times, September 17, 2008.
Willumstad’s beginnings: Lynnley Browning, “A Quiet Banker in a Big Shadow,” New York Times, March 10, 2002.
at a conference in Boca Raton: Gillian Tett, “The Dream Machine,” Financial Times, March 25, 2008.
blitzkrieg of acquisitions: Commercial Credit acquired Primerica, Shearson, and Travelers in 1993, Aetna’s property and casualty business in 1996, Salomon Brothers in 1997, culminating with Citigroup in 1998. Shawn Tully, “The Jamie Dimon Show,” Fortune, July 22, 2002.
Removing Sullivan, installing Willumstad: Liam Pleven, Randall Smith, and Monica Langley, “AIG Ousts Sullivan, Taps Willumstad as Losses Mount,” Wall Street Journal, June 16, 2008.
in a small office in Shanghai: Shelp, Fallen Giant, 17–28, 153–60; Brian Bremner, “AIG’s Asian Connection; Can It Maintain Its Strong Growth in the Region?” BusinessWeek, September 15, 2003.
market value of $300 million: Carol J. Loomis, “AIG: Aggressive. Inscrutable. Greenberg,” Fortune, April 27, 1998.
with a market value of just under $80 billion: At the end of AIG’s second quarter (August 2008), it had over $1 trillion in assets and about $78 billion in shareholders equity. Matthew Karnitschnig, Liam Pleven, and Peter Lattman, “AIG Scrambles to Raise Cash, Talks to Fed,” Wall Street Journal, September 15, 2008.
Greenberg’s upbringing: Reports conflict on Greenberg’s age at the time of his father’s death. This author has chosen to go with the age listed in Shelp, Fallen Giant, 95–96.
Greenberg talked his way into a job as a $75-a-week insurance underwriting trainee: “On a whim, he wandered into the offices of Continental Casualty in lower Manhattan in 1953 and talked his way into the office of the personnel director. Greenberg thought the man was excessively rude, so he stormed into the office of a vice president and told him that Continental’s personnel director was a ‘jerk.’ He was rewarded with a job as a $75-a-week underwriting trainee. Before the end of the decade, he was Continental’s assistant vice president in charge of accident and health insurance.” See Devin Leonard, “Greenberg & Sons,” Fortune, February 21, 2005.
CV Starr’s story and AIG: Ibid.; Monica Langley, “Eastern Front: AIG and Fired Chief Greenberg Cross Paths Again—in China.” Wall Street Journal, December 2, 2005; Shelp, Fallen Giant, 95–102.
“Sit down, Gordon, and shut up”: Shelp, Fallen Giant, 104.
He drove himself relentlessly: Fortune reported that Greenberg installed a StairMaster on the corporate jet as well, to keep fit in flight. Leonard, “Greenberg & Sons,” Fortune.
He showed little affection for anyone: As he told Cindy Adams, “You learn fast who your friends are. Some I considered close became a lot less close. They separated quickly. Many you think loyal are suddenly not and you find out during adversity…. But Snowball gives me extra love.