How Much Did Hank Greenberg Lose Today?

Plenty of people had bad days on Wall Street today, but American International Group's former C.E.O., Maurice "Hank" Greenberg, has a reasonable claim that his was the worst.

His company, C.V. Starr, lost almost $1.6 billion as A.I.G.'s stock fell more than 60 percent in value today; he personally lost $95 million.

Greenberg, who had run A.I.G. for 27 years, left the company in 2005 during a fraud investigation by then New York Attorney General Eliot Spitzer.

Under Greenberg's watch, A.I.G. became one of the largest and most profitable insurers in the world. Since he left, the company has gone through two C.E.O.'s and is poised to become the latest casualty in the credit crisis after losing money in bad mortgage investments.

Greenberg has been one of the more outspoken critics of A.I.G.'s management since stepping down as C.E.O.

Through his company C.V. Starr, he sued A.I.G., claiming it mismanaged a settlement with regulators. It's safe to say that today's 61 percent loss of stock value hasn't helped allay those concerns.

A.I.G. might still survive the crisis after Governor David Paterson of New York allowed the insurance giant to borrow money from its subsidiaries for its daily operations.

Greenberg's massive losses come just three days after settling a lawsuit filed by some A.I.G. shareholders regarding the shady accounting practices that led to his downfall.

So if you locked your keys in your car, had jury duty, or got stuck in traffic today, take heart. Hank Greenberg's day was worse than yours.

by Rafael Cohen