When I heard about “Fallen Giant: The Amazing Story Of HankGreenberg and the History of AIG,” my first reaction was that Iwould wait for the movie. (Who would play Hank? I say Joel Grey,but Hank might prefer Paul Newman. Post your casting suggestionsbelow!) However, after a quick read, I found the book a ratherinteresting (and, on the whole, balanced) account of theShakespearean turn of events that toppled the industrys mostpowerful figureat least temporarily.

Indeed, given Mr. Greenbergs prominent rebirth at C.V. Starrthemysterious entity so intertwined, yet independent of AIGyou have towonder if the sequel will be called The Comeback Kid.

It still boggles the mind that Maurice Greenberg is no longerrunning AIG–done in by allegations he cooked the books withimproper finite reinsurance deals.

Lead author Ron Shelp knows AIG first-hand, having reported toHank for 12 years in a variety of roles, including troubleshooteras worldwide head of government relations, and later runningcorporate communications and advertising.

Mr. Shelp–who interviewed both his former boss for the book, aswell as Mr. Greenbergs nemesis, New York Attorney General (and soonto be governor) Eliot Spitzer–addresses a number of provocativequestions, including:

Was it Mr. Greenbergs hubris that ultimately led to hisdownfall, or a tragic story of an honest businessman colliding witha politically ambitious prosecutor?

Why were his handpicked directors so quick to overthrow him?

Why did Mr. Spitzer go after him so doggedly?

Why would Mr. Greenberg risk everything to fiddle withrelatively insignificant numbers?

Did the corporate culture of AIG contribute to his downfall?

Mr. Shelp (with help from co-author Al Ehrbar, a former reporterat Fortune and The Wall Street Journal) usually gives Hank thebenefit of the doubtsuggesting, for example, that one possibleexplanation for his behavior is that he did not think he was doinganything wrong.

However, he also asserts that Mr. Greenbergaccustomed tounchallenged authorityfailed to adapt to new, post-Enron demands onpublic companies. His mistake was in not grasping the fundamentalchange in regulation that had been brought about by Sarbanes-Oxley,he wrote.

Unlike other insurance industry targets, however, Mr. Greenberghas refused to bow to Mr. Spitzer. While criminal charges will notbe filed by the New York AGs office, other government agenciesmight, and a civil suit is still hanging over his head.

But that hasnt stopped Mr. Greenberg from resuming his career atC.V. Starr, named after AIGs globetrotting founder (profiled in thebest part of the book).

Hank is fighting to establish, in court, C.V. Starrsindependence from its sibling company, while defending himselfagainst the civil suit. He shows no sign of slowing down, travelingthe world and tapping his extensive contacts to drum upbusiness.

There are rumors he might make a play to become a big-time mediamogul, with the Tribune Company among his reported targets. He willalso reemerge next month on the industry speaking circuit he usedto dominate, with a keynote address to the New York Chapter of CPCUand APIW.

Hank certainly has the resources and the will to battle hisprosecutors tooth and nail. I doubt he will ever settle. Hecertainly will keep working.

But even if he prevails, the damage is already done. He had tosurrender his throne at AIG, and, as Mr. Shelp concludes in hisbook, he will never get back the one thing he wants mosthisreputation.

(The book was published by our Hoboken neighbor, Wiley. For moreinformation, click here.)