Monday, June 15, 2009
MADLEN READ, AP Business,
MADLEN READ, AP Business,
Hank Greenberg, Ex-AIG CEO plundered retirement plan
NEW YORK – The former top executive of American International Group Inc.,Maurice "Hank" Greenberg, plundered an AIG retirement program of $4.3 billion because he was angry at being forced out of the company.
Within weeks of being forced out in mid-2005, Greenberg gave the go-ahead for tens of millions shares to be sold from a trust fund. The fund was set up decades ago to provide incentive bonuses to a select group of AIG management and highly compensated employees that they would receive upon their retirement.
Greenberg decided to keep it all.
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Posted by Editor on 06/15/09 at 06:25 AM •
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