May
2012
Friday, August 07, 2009
Brady Dennis, Washington Post, 

Former AIG Chief to Pay $15 Million to Settle SEC Charges

Former American International Group chief executive Maurice R. "Hank" Greenberg has agreed to pay $15 million to settle allegations by the Securities and Exchange Commission that he oversaw numerous improper accounting deals that for years deceptively inflated the insurance giant's bottom line.

Greenberg, 84, headed AIG for nearly four decades and built it into one of the world's largest and most revered insurance companies, operating in more than 130 countries. But he was forced to step down in 2005 amid an accounting scandal that led to multiple state and federal investigations. After his departure, AIG was forced to restate years worth of earnings and pay hefty settlements to investigators.

Greenberg has consistently denied allegations that he acted unlawfully, and even as he agreed Thursday to the settlement, he neither admitted nor denied wrongdoing ... of course not ... he pocketed $4.3 billion dollars. $15 million is chump change.

Posted by Editor on 08/07/09 at 03:00 PM •  (0) Comments

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