Deals
AIG Let `Fox in the Henhouse' With Icahn Accord, Greenberg Says
- Ex-CEO Greenberg has resisted efforts to shrink insurer
- Activist Icahn says `smaller and simpler is better' at AIG
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American International Group Inc. Chief Executive Officer Peter Hancock won short-term relief at the risk of longer-term challenges by striking an accord with activist investors who want to shrink the company, former CEO Maurice “Hank” Greenberg said.
“By doing that, he let a fox in the henhouse” to avoid a proxy fight, Greenberg said in a phone interview Friday, a day after AIG nominated hedge fund manager John Paulson and a representative from Carl Icahn’s firm to the insurer’s board.