I wonder how many American International Group, Inc. shareholders are glad that the Lord of Regulation ridded the company of its supposedly fraud-indulging former CEO, Maurice “Hank” Greenberg?
This Wall Street Journal ($) article reports on some interesting new competition that AIG is facing in its key Chinese markets:

American International Group Chief Executive Martin Sullivan made the rounds at a gathering of multinational CEOs a month ago, meeting Chinese officials — some for the first time — whom he must cultivate to build up the insurance giant’s business here.
But across the room, a different American magnate was holding court, with a large group of Chinese officials he had known for decades. When they saw him, they warmly greeted their old friend — AIG’s longtime former chief, Maurice “Hank” Greenberg.

People at AIG used to joke that its letters stood for “All Is Greenberg,” and in China, that was especially true. The chairman and CEO controlled virtually every facet of AIG’s China operation. Now AIG, having ousted him amid accounting probes, is scrambling to get its arms around the Chinese operation. And it is running into an unexpected bidder for Chinese financial business: The 80-year-old Mr. Greenberg himself.
Armed with a $25 billion-plus nest egg at former AIG affiliates he still heads, Mr. Greenberg is holding talks with Chinese companies about joint ventures in financial services, energy, the environment and technology, according to people working with him. He is tapping into a network he built up in three decades of visits here, one that made AIG the sole Western company allowed to sell life insurance on its own in China.
Mr. Greenberg’s efforts also represent a chance at redemption following the unceremonious end of his long AIG career this spring. Mr. Greenberg, who has a Hong Kong house and calls China his second home, says, “It’s good to be here. The Chinese are very loyal.”

H’mm. “The Chinese are very loyal” as opposed, to say, the AIG board?