Once treated as a joke
, Hank Greenberg and Starr International insurance's lawsuit against the government gets another 'like' from Andrew Zajac and Christie Smythe in Insurance Journal
[The judge in the case, Thomas] Wheeler didn’t explain his acquaintance with an expert witness who
appeared on behalf of Starr, telling economist Michael Cragg, “I believe
I remember you from a prior case.”
Cragg, the judge wrote in a previous opinion, “was the single most
helpful expert” in a tax case in which Wheeler rejected BB&T Corp.’s
bid to recover more than $688 million in taxes and penalties for a
disallowed tax shelter.
In the Starr trial, Cragg testified the government lacked a strong
economic rationale for the stringent terms of the AIG bailout, abused
its power and treated the insurer “as a political scapegoat” for the
Which is a long way from, Greenberg is likely to lose his case, and for good reason. As Slate's Zachary Karabell predicted in October in an article titled Greenberg's Folly.
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