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

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

It still boggles the mind that Maurice Greenberg is no longer running AIG–done in by allegations he cooked the books with improper finite reinsurance deals.

Lead author Ron Shelp knows AIG first-hand, having reported to Hank for 12 years in a variety of roles, including troubleshooter as worldwide head of government relations, and later running corporate communications and advertising.

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

Was it Mr. Greenbergs hubris that ultimately led to his downfall, or a tragic story of an honest businessman colliding with a 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 with relatively insignificant numbers?

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 doubtsuggesting, 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. Greenbergaccustomed to unchallenged authorityfailed 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 criminal charges will not be filed by the New York AGs office, other government agencies might, and a civil suit is still hanging over his head.

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

Hank is fighting to establish, in court, C.V. Starrs 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 reemerge 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 mosthis reputation.

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

Special Reports /

Fallen Giant Or Comeback Kid?

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