Billionaire Republican donor Maurice “Hank” Greenberg has donated $10 million to the super PAC backing Jeb Bush’s presidential campaign, according to The Wall Street Journal.
The Journal on Thursday reported the former American International Group CEO’s contribution, which he didn’t deny in an interview with the newspaper, though he declined to discuss it. In an October interview with Bloomberg Politics, Greenberg said he was supporting Bush and would donate to his super PAC.
Greenberg headed AIG from 1968 until he was pressured to step down in 2005. During the 2008 financial crisis, the Federal Reserve rescued the multinational insurance company with a bailout that grew to nearly $185 billion after it became virtually insolvent, and the government took control of roughly 80 percent of the company. To much public ridicule, Greenberg filed a class-action lawsuit against the federal government in 2011, arguing that the Federal Reserve had overstepped its legal authority during the bailout. He won the case in June but was awarded none of the $40 billion he sought in damages.
Bush himself was an adviser to Lehman Brothers investment bank, which collapsed during the 2008 financial crisis. According to tax records the former Florida governor released earlier in his campaign, Lehman paid him upwards of $1 million a year after he left office in 2007. Bush’s tax filings also show that Barclays, the bank that bought Lehman Brothers out of bankruptcy, later paid Bush $2 million a year as an adviser through 2014 as he considered mounting his White House campaign.