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When: June 9th at 4:40PM ET
Where: CNBC's "Closing Bell with Maria Bartiromo"
Following is the unofficial transcript of a CNBC EXCLUSIVE INTERVIEW with Hank Greenberg, Chairman & CEO CV Starr & Co. today on CNBC's "Closing Bell with Maria Bartiromo."
All references must be sourced to CNBC's "Closing Bell with Maria Bartiromo."
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AP Maurice "Hank" Greenberg |
ORGANIZATION THROUGH THESE CHALLENGING TIMES AND GET THINGSDONE. JOINING ME NOW IS SULLIVAN'S PREDECESSOR HANK GREENBERG. NICE TO HAVE YOU ON THE PROGRAM.
GREENBERG: GOOD TO SEE YOU.
BARTIROMO: LET'S TALK ABOUT THE NEWS OF THE DAY AND THAT'S LEHMAN BROTHERS. HAVE YOU COMMITTED TO BE AN INVESTOR IN LEHMAN?
GREENBERG: YES, WE HAVE.
BARTIROMO: HOW BIG OF A STAKE ARE YOU TAKING IN LEHMAN?
GREENBERG: PRETTY GOOD SIZE STAKE AND I'M COMFORTABLE WITH IT. I THINK LEHMAN IS A VERY GOOD FRANCHISE.I THINK THEY'VE DONE AGREAT DEAL TO REDUCE THEIR LEVERAGE. I THINK THEY'LL DO FINE.
BARTIROMO: SO YOU'RE NOT WORRIED ABOUT SOME OF THE ISSUES OF THE DAY WITH ALL OF THESE WRITE-DOWNS THAT THE COMPANY IS GOING TO HAVE AND THE FACT THAT IT IS LOSING MONEY IN THE SECOND QUARTER, CERTAINLY?
GREENBERG:YEAH, LOOK. YOU CAN'T FORETELL WHETHER THERE WILL BE MORE WRITE-DOWNS GOING FORWARD. I THINK THEY'VE DONE A GOOD JOB CONSERVATIVELY MARKING DOWN THE THINGS THAT SHOULD BE MARKED DOWN. WILL THERE BE FURTHER MARK DOWNS? POSSIBLY. BUT NOT SUCH THAT IT WOULD HARM THE COMPANY.
BARTIROMO: AND THE LAST TIME WE SPOKE YOU SAID THAT YOU WERE LOOKING FOR OPPORTUNITIES IN FINANCIAL SERVICES.IS THIS SOMETHING THAT YOU DECIDED TO DO OR DID THEY COME TO YOU SAYING, WE'RE LOOKING FOR FURTHER RECAP IN.
GREENBERG: IT'S A COMBINATION, I THINK.DICK HAD A RAISE IN CAPITAL.I MEAN, HE WAS PRACTICAL ABOUT THAT. HE KNEW THEY WERE GOING TO HAVE A LOSS. HE THOUGHT THAT RATINGS RAISING ADDITIONAL CAPITAL WOULD CALM THINGS DOWN. I THINK HE'S RIGHT. HE RAISED MORE THAN HE NEEDED. HE'S IN A PRETTY GOOD POSITION GOING FORWARD.
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