Hank Greenberg: AIG "Stupidity" (VIDEO)

Posted: Updated:

Former AIG CEO Hank Greenberg, in an interview on CBS' Early Show Friday morning, told co-anchor Maggie Rodriguez that AIG's bonus fiasco is "stupidity," calling for current CEO Edward Liddy's replacement.

Greenberg has a long history of battling his former company. He stepped down as chief executive in 2005 amid an accounting scandal, and most recently sued the company for fraud.

"When I was there, nobody had a contract in the company, including me -- didn't believe in them. If you didn't do the job, you didn't deserve to be there. There were no contracts," Greenberg said in the interview.

"We had a bonus plan based on performance. You didn't perform, there were no bonuses."

Greenberg added that Rodriguez' description of "a bunch of people who had no grip on reality" running the company since he left was "a pretty good description."

As for the potential criminality of what has happened at AIG, Greenberg said: "Those who are investigating should determine whether or not there was just stupidity, was there fraud, was there whatever."

WATCH: