Greenberg--LascaroWhile AIG has taken a beating the past couple of weeks in the news media following questions about executive pay and its reserves, there has been one far more positive story–the fact that the company finally buried the hatchet with its former boss, Maurice Greenberg. The deal sets the stage for a long-rumored, triumphant return by Hank to his former domain.

“I look forward to assisting AIG in trying to preserve and restore as much value as possible for all of AIG’s stakeholders,” he said in a statement, without any elaboration.

I doubt we’ll see Mr. Greenberg running AIG’s day-to-day operations ever again–although you never know. However, given the fact that Hank–despite a tarnished reputation–remains the best-known and most potent icon in the commercial insurance industry, the gravitas and institutional knowledge he would bring to the table can’t be dismissed out of hand.

Whether Mr. G could help AIG smooth its bumpy road to recovery remains to be seen. But the possibility is certainly intriguing, especially with top officials at the firm grumbling about caps imposed by Uncle Sam on their compensation.

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