Hank Greenberg is an old man now. His stated age is 82, but he must be closer to 90. He was the CEO of American International Group (NYSE: AIG) from 1967 until 2005. He was pushed out because of an accounting scandal and federal prosecutors are still looking into that.

But Greenberg does not want to take his hundreds of millions of dollars and retire. In a filing with the SEC yesterday he was pushing for "strategic changes" at the big insurance company and perhaps the spin-off of some businesses. Through various funds and foundations, Greenberg controls over 13% of AIG's shares and the filing with the government states that he "believes that there are opportunities to significantly improve [AIG's] performance and strategic direction, as well as the value of their investment." The Wall Street Journal writes that (subscription required) Greenberg and the funds he controls "anticipate holding discussions with stockholders and third parties that may address a number of issues," including whether to spin off some operations, and "concerns over the direction and management of [AIG] generally."

In his desire to exert some control over his old company, Greenberg may get himself into more hot water. AIG has already filed a suit against him for damaging the company. Lashing out at AIG will clearly make the government look harder at its case against him. Prosecutors certainly don't want more headlines about the fight between the man who made AIG and the company itself. The government would not want it to appear that they aren't addressing problems at AIG in a timely fashion.

Greenberg does have at least one leg to stand on. AIG shares are down over 10% in the last two years while the S&P is up almost 30% If the old man can get the company's board to take action by raising its dividend or buying back shares, it might drive the stock back up.

Greenberg. Old but not yet infirm.

Douglas A. McIntyre is an editor at 247wallst.com.