Mr. Shelp–who interviewed both his former boss for the book, as well as Mr. Greenberg's nemesis, New York Attorney General (and soon to be governor) Eliot Spitzer–addresses a number of provocative questions, including:

o Was it Mr. Greenberg's hubris that ultimately led to his downfall, or a tragic story of an honest businessman colliding with a politically ambitious prosecutor?

o Why were his handpicked directors so quick to overthrow him?

o Why did Mr. Spitzer go after him so doggedly?

o Why would Mr. Greenberg risk everything to fiddle with relatively insignificant numbers?

o Did the corporate culture of AIG contribute to his downfall?

Mr. Shelp (with help from co-author Al Ehrbar, a former reporter at Fortune and The Wall Street Journal) usually gives Hank the benefit of the doubt–suggesting, for example, that one possible explanation for his behavior is that “he did not think he was doing anything wrong.”

However, he also asserts that Mr. Greenberg–accustomed to unchallenged authority–failed to adapt to new, post-Enron demands on public companies. “His mistake was in not grasping the fundamental change in regulation that had been brought about by Sarbanes-Oxley,” he wrote.

Unlike other insurance industry targets, however, Mr. Greenberg has refused to bow to Mr. Spitzer. While the New York AG's office won't file criminal charges, other government agencies might, and a civil suit is still hanging over his head.

But that hasn't stopped Mr. Greenberg from resuming his career at C.V. Starr, named after AIG's globetrotting founder (profiled in the best part of the book).

Hank is fighting to establish, in court, C.V. Starr's independence from its sibling company, while defending himself against the civil suit. He shows no sign of slowing down, traveling the world and tapping his extensive contacts to drum up business.

There are rumors he might make a play to become a big-time media mogul, with the Tribune Company among his reported targets. He will also re-emerge next month on the industry speaking circuit he used to dominate, with a keynote address to the New York Chapter of CPCU and APIW.

Hank certainly has the resources and the will to battle his prosecutors tooth and nail. I doubt he will ever settle. He certainly will keep working.

But even if he prevails, the damage is already done. He had to surrender his throne at AIG, and, as Mr. Shelp concludes in his book, “he will never get back the one thing he wants most–his reputation.”