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ensho Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Sep-17-08 10:11 AM
Original message
AIG was founded in China


http://www.atimes.com/atimes/China_Business/JI18Cb02.html


China's imploding US ally

-snip-

AIG, the world's sixth-largest company by assets and biggest insurer, according to the Forbes Global 2000 list for 2007, is one of the few US institutions to be founded in China, its roots dating from 1919 when Cornelius Vander Starr, a veteran of World War I, founded a small insurance company in Shanghai called American Asiatic Underwriters, later to become AIG.

More famously, Starr's successor, Maurice R Greenberg, built relations with China's leadership from 1975, his first visit to the country predating by several years the revolutionary moves by Deng Xiaoping to open up China to Western influences.

-long snip-

As Chan Akya reports in Asia Times Online on Wednesday ( Waiter, there's a banker in my soup), panic-stricken policyholders lined up all day on Wednesday in Singapore to surrender their policies to secure redemption value.

In Hong Kong, where AIA is the largest life insurer with more than 26% of the market and more than 1.9 million policies sold, more than 1,700 people canceled their insurance policies with AIA on Tuesday. On Wednesday, some 170 policy holders rushed to AIA headquarters to cut their insurance or investments. The Hong Kong government has demanded AIA seek approval before it removes any asset out of the territory.
-snip-
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leveymg Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Sep-17-08 10:34 AM
Response to Original message
1. AIG's Maurice Greenberg is to China what Armand Hammer was to the Soviet Union
Edited on Wed Sep-17-08 10:55 AM by leveymg
Both were extremely successful agents of influence, and very much at or near the top of the American foreign policy estabishment.

Greenberg's AIG was a benefactor to John McCain and the GOP, and a trusted ally of George H.W. Bush's wing of the CIA:



Who Is Maurice Greenberg, Man Behind Bid for 'NY Times'?
http://www.editorandpublisher.com/eandp/news/article_display.jsp?vnu_content_id=1003465952

NEW YORK Because of the "dual stock" status of The New York Times Co., the chances that Maurice "Hank" Greenberg -- the former AIG chairman and CEO now reported to be intent on taking over the company -- will actually succeed in his quest may be slim. Still, he is a man to be reckoned with, and who knows what ripple effects may appear.

If Greenberg ever did get in the position to run the company, the political orientation of the paper might well change. Greenberg has strong Republican connections -- friend of Henry Kissinger, once mentioned as a Reagan appointee to help run the CIA, and a funder of GOP candidates.

Federal election forms show that he gave $1000 to former Rep. Mark Foley for both his 2000 and his 2004 races. For the latter campaign, he donated $2000 to George Bush and $1000 or more to Sen. John McCain, Rep. David Dreier, Rep. Dennis Hastert, Sen. Christopher Bond and several other Republicans, as well as Democratic Sen. Christoper Dodd (who represents Connecticut, a big insurance state). Over the years he strongly favored Republicans with his donations, with a smattering of Democrats, including Rep. Charles Rangel, mixed in. Greenberg gave to both Ronald Reagan and George H.W. Bush in their races for the White House.

For the 2006 race, he funded Sen. John Kyl of Arizona in his successful re-election bid.

SNIP


And, Greenberg was an agent of influence for a powerful foreign power.

http://www.atimes.com/atimes/China_Business/JI18Cb02.html

In 1962, Starr appointed Greenberg to head AIG's then failing North American operations. In a remarkable display of business prowess, Greenberg turned the unit around, a feat that encouraged Starr to name him his successor before passing away in 1968.

Starr bequeathed all his wealth to the C V Starr Foundation, one of the largest foundations in the United States, with over $3 billion in assets. Greenberg became the chairman of this foundation while also assuming the reins at AIG. Under his leadership, the company prospered while he himself became one of the kingpins of American foreign policy.

In 1977, he became a member of the Council of Foreign Relations, arguably America's most influential think-tank, and over the next three decades he would hold numerous leadership positions in the council, culminating in 1997 with the founding of the Greenberg Chair.

Today, the Greenberg Chair "is the senior person directly responsible for the substantive content and management" of the think-tank. Greenberg has also been a member of the board of directors of the New York Stock Exchange; a former chairman, deputy chairman and director of the Federal Reserve Bank of New York; a member of the US-China Business Council; the chairman of the Asia Society; and a member of the Advisory Committee for Trade Policy and Negotiations to the President of the United States.

With all of these roles, plus his control over the resources of the Starr Foundation and the American International Group, Greenberg's power to shape America's foreign policy was rivaled only by Citizen Kane.

Greenberg's foreign policy views were heavily influenced by two factors. One was his experience in World War II of the liberation of the Nazi concentration camp at Dachau. The other was the legacy of Starr's love for China. This latter factor would ultimately play an enormous role in shaping America's policy toward China for more than a quarter of a century.

In all of his actions and with all of his influence, Greenberg exercised a sanguine desire to foster reconciliation and cooperation between the United States and the People's Republic of China. The impact of this desire can be seen in the fingerprint that Greenberg has left on academic and policy institutions around the United States.

At his discretion, the Starr Foundation has funded numerous fellowships with the Asian Cultural Council, donated $300,000 to Columbia University's East Asian Library and considerably more to Berkeley's C V Starr East Asian Library. Most recently, Greenberg and the Starr Foundation each donated $25 million to Yale University to create the Maurice R Greenberg Yale-China Initiative.

Greenberg's lobbying efforts were a driving factor behind America's decision to support China's admission to the World Trade Organization, which it officially joined in November 2001. Undoubtedly, a fair amount of the credit for the creation of an American policy environment that is favorable to China is due to Greenberg and the resources that were generated by AIG.



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Karenina Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Sep-17-08 10:37 AM
Response to Original message
2. The AIG rabbit hole...
:freak:
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