Hank Greenberg hasn't lost any of his drawing power. The man who puts the “star” into C.V. Starr & Company had a room full of some 400 APIW and local CPCU members buzzing yesterday afternoon as he returned to the podium he dominated for so many years as the industry's most sought-after keynote speaker.
Unfortunately, he couldn't say anything about what was on everybody's mind–his celebrated legal battle with former New York Attorney General (now Governor) Eliot Spitzer. With a civil suit still pending surrounding alleged accounting irregularities while he was running AIG, he made it clear right off the bat that he would not address any regulatory issues.
I am not going to talk about regulationnot yet. I will soon, and I cant wait, he told the packed New York City hotel ballroom. The only other time he touched on his own situation was a self-deprecating remark after noting Chinese efforts to crack down on corruption. The Chinese will make examples of some very high-profile people to get everyone else in line, he said, then quipped: Sound familiar?
He got a good laugh out of the crowd in an otherwise very serious speech about the opportunities of globalization and the threats of protectionism to insurers in particular and the world economy in general. (If you want to read the full story about his speech, click here.)
I first heard Hank talk about China 20 or so years ago in one of the dozens of his keynote addresses I covered over my quarter-century-plus at NU. I remember one particular speech in which he strongly urged the Clinton administration to “engage, but not confront” the Chinese government over human rights violations.
He was not arguing as an apologist for the brutal Chinese regime. What he suggested was that rather than being confrontational with China and delivering ultimatums involving trade restrictions or outright embargoes, the U.S. should engage China by continuing to develop the country's economy along capitalist lines. Capitalism, he explained, cannot thrive in a closed society, arguing that economic self-interest would eventually force the Chinese government to allow more freedom of speech, the press and individual initiative to keep its economy–and global power–growing.
We aren't there yet with China, that's for sure, but economic and educational opportunities are certainly growing quickly across the country.
While grateful that the media was allowed to cover the event at all, and that Hank did not keep his talk “off the record,” I did find it amusing that the press table was stuck all the way in the back of the huge hall, right near the exit. We would have needed a bullhorn to shout a question his way, but at least we were in the room.
The conversation at our table focused on whether Hank would settle or keep fighting to beat the rap, and my bet is on the latter result. He values his reputation more than just about anything else, and I would bet he is determined not to end his illustrious career with a black mark next to his good name. And I don't think a lightweight political hack like Andrew Cuomo has what it takes to take Hank down. Even the relentless Mr. Spitzer would have had a hard time finishing off this kill had he stuck around the AG's office rather than take over the state as its governor.
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