The War on Hank Greenberg

The War on Hank Greenberg

Greenberg is fighting back not simply for himself but for anyone who believes that we should stand for justice, not prosecutorial tyranny.

So Judge Ramos swiveled his chair to face Greenberg, who turned to face the judge.  Stressing that no one in this courtroom doubts his business acumen, Ramos asked Greenberg directly: the losses that are the subject of this deal were history so why develop a plan to recast them, from underwriting losses to investment losses? Greenberg explained that the executives in his divisions were competitive with one another and, though the company had incurred the losses and would not recover anything through the device, it would improve the stature or perception of the manager in charge of the division that incurred the losses.

Judge Ramos, having helped the prosecutor get what he said he sought, sustained the objection and excluded the hearsay. The prosecutor then paraphrased what the document said and Smith’s counsel objected, saying he’s trying to override the sustained objection. The prosecutor defended his question as simply trying to find out if it refreshed the witness’s recollection. The judge allowed this and Greenberg, to a courtroom of laughter, said no, it did not.

Greenberg’s testimony continues and, in view of the volume of documents and lengthy witness lists, New York prosecutors will keep this trial going well into next year—though Judge Ramos is trying to prevent that.  On Wednesday, Ramos told Greenberg to keep his answers direct in order to move the case along; on Thursday, he told the prosecutor to “speed this train up.”

Such balanced admonitions exemplify a judicious temperament, offering the promise of justice yet. Let’s hope so or God help us all at the hands of powerful and politically-ambitious elected prosecutors who go after what they believe is easy prey. Greenberg is fighting back not simply for himself but for anyone who believes that America should stand for justice, not prosecutorial tyranny.

Lawrence A. Cunningham, the Henry St. George Tucker III Professor of Law, George Washington University Law School, is the co-author, with Mr. Greenberg, of The AIG Story.

Image: Creative Commons/Flickr.