Greenberg: Overregulation is Driving Businesses Out of U.S.
Overregulation is driving businesses out of the U.S. and into Europe, Asia and Bermuda, Hank Greenberg told CNBC’s Sue Herrera on “Power Lunch.”
“It applies also to why IPOs are going to London or Hong Kong and why private equity is growing as rapidly as it is, because public companies are overregulated,” said the CEO of investment firm C.V. Starr and former chairman and CEO of American International Group . Federal and state lawmakers are partly to blame, he added.
London is more appealing for business opportunity, Greenberg said, because of its regulatory climate and “you have access to not only the rest of Europe, but Eastern Europe and Russia.”
“Russia is loaded with oil revenues and gas,” he explained. “The changes taking place in Russia are dramatic. There’s a need for many things.”
The same goes for China, Greenberg said, adding that the country is “only about a quarter and a half” into its economic cycle.
“There’s such a long ways to go. There’s much to do and they are doing it,” he said.
When asked about the fraud allegations that forced him to resign as AIG CEO and forced AIG to pay more than $1.64 billion to settle the case, Greenberg replied: "I'm comfortable I did nothing improper."