They say those who live in glass houses should not throw stones. Yet Maurice Greenberg, AIG's former CEO, was quick to blame just about everybody but his own kind for our current economic mess during a recent lecture.
"I don't recall any regulator coming to look at the [insurance] holding companies, and if they did, it was a very superficial job," he said in his talk on "Risk Management in the 21st Century" at the St. John's University School of Risk Management. If regulators "had done their jobs," he added, the economic meltdown might have been avoided or less severe.
His 20-20 hindsight should be taken with a grain of salt, if only because I don't recall Mr. Greenberg using his bully pulpit to push for regulatory intervention while all those toxic credit default swaps were being traded.
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