Posted on 09/23/2008 5:33:47 AM PDT by Liz
May 19, 2005
Fresh details have emerged in court papers about the inner workings of a private offshore company that had been paying big bonuses to top executives of the insurance giant American International Group (AIG). The company, Starr International, awarded tens of millions of dollars in payouts over a two-year period at a time when it was ineligible to do so under its own operating laws, according to the court papers, which cite internal AIG documents.
The new details are contained in an amended lawsuit that was filed late Tuesday in Delaware Chancery Court by a Louisiana pension fund that is suing AIG and its directors over what it calls questionable dealings. Those dealings are said to include undisclosed related-party transactions conducted by AIG with Starr International and with another AIG-affiliated private company, C. V. Starr & Company. Starr International, registered in Panama, is AIG's largest shareholder, with nearly 12% of AIG stock, now worth around $16B.
The company is run by AIG's recently ousted chairman and chief executive, Maurice R. Greenberg, and by a handful of other senior former AIG executives, all hand-picked by him. Mr. Greenberg is president and CEO of Starr International, and owns about 8.3% of the private company. Federal and New York investigators have been looking at the Starr affiliates as part of their investigations into questionable transactions by AIG Starr International, according to AIG's 2000 annual report, is not supposed to set aside AIG shares for executives during any two-year period in its compensation plan when AIG does not report growth in its earnings per share.
(Excerpt) Read more at nytimes.com ...
Before he was ousted, Greenberg pulled another shady financial deal---putting some (or all) of his assets into his wife's name so he could keep his hands on it.
Fast-forward to today---Greenburg's going around posing as AIG's crucified savior who "could have" saved the company from govt takeover (sniffle).
ping (as requested)
The list of 15 countries “encouraging money laundering” published by a special investigative committee originally set up by the G-7 was leaked to the French daily Le Monde which published it circa 2000.
The “black list” includes Lebanon, Liechtenstein, Israel, Russia, Panama, the Bahamas, the Cayman Islands, the Cook Islands, Dominica, the Marshall Islands, Nauru, Niue, Panama, the Philippines, St. Kitts and the Grenadines.
The exclusive list was chosen with diligence from a “gray list” which included 31 suspect states, among them Cyprus, Gibraltar, Monaco, and Antigua. Some of the countries or territories identified for their “harmful” tax regimes are already cooperating.
In June, six territories and countries pledged to eliminate “harmful” tax practices by the end of 2005. They are Bermuda, the Cayman Islands, Cyprus, Malta, Mauritius, and San Marino.
The difference between the two lists is that the “gray” one includes countries whose banking laws are tougher than those of countries on the “black list.”
Former Clinton Defense Secretary William Cohen sits on the Board of Directors at AIG
CNN often has him commenting on the financial meltdown at AIG without mentioning that Cohen is on the board of directors.
The entire Wall Street/Mortgage/ debacle cries out for a major criminal investigation.
Congress enabled this disaster. Banks threatened for red-lining at the root of the problem. Mix in greed, and outright corruption.
I’d like to know why Dodd isn’t being investigated.
Just a note, the Philippines has a tax treaty with the USA, and many American gov’t officials slander the Philippines because they don’t like the provisions of that treaty.
In their zeal to hate Spitzer, some are thoughtlessly turning his former targets, like Greenberg, in to heroes. Each person and each case should be taken on their or its own merits.
The political correctness atrocity at work.
It's not beyond reason to conclude that the mortgage/market debacle is the consequences of (1) moral relativity----and (2) disestablimentarianism (the deranged obsession with tearing down the foundation of Western Civilization).
Anything remotely connected to moral absolutes of right and wrong smacks of "religion" to disturbed religion-hating liberals.....and has to be destroyed.
Political correctness is the sword that slew the religious dragon. It would have been too "judgemental" to tell people they could not afford to buy a house beyond their means.
Many of the laws requiring government oversight of the market written after the last great market crash-----in 1929---- were eliminated during the Clinton administration---one of many ignorant moves by the self-absorbed liberal Clintons.
Do you really have to ask why DoDD isn't being investigateD?
I would be willing to bet good money that the majority are far more heroic than fiendish Democrat shake-down artist Eliot Spithead!!!
Should the government loan AIG funds to help it stave off bankruptcy?
Yes
40%
No
60%
Total Votes: 162
VOTE: http://www.insurancejournal.com/polls/index.php?pid=92
“In their zeal to hate Spitzer, some are thoughtlessly turning his former targets, like Greenberg, in to heroes. Each person and each case should be taken on their or its own merits.”
Michael Savage agrees.
http://michaelsavage.wnd.com/?pageId=1763
Savage’s Solution for
the Wall Street Crisis
Cut off all medical, educational, legal and housing benefits to illegal aliens immediately. Deport all illegal immigrants now in jail.
Arrest, indict and try the CEOs and CFOs of Wall Street firms suspected of financial misdeeds.
Seize the assets of CEOs and CFOs when their chicanery is proven. Turn their ill-gotten gains over to the American people.
Fire Chris Cox, the head of the Securities and Exchange Commission, for his criminal negligence in allowing Wall Street to rape the American economy.
Replace him with Eliot Spitzer, who, before he was taken down by the money changers, was the only one going after the criminals on Wall Street.
Stop the Federal Reserve from bailing out multi-billion dollar companies at the taxpayers’ expense.
Fire Ben Bernanke and let him get a job at NYU Film School.
Fire Hank Paulson and let him get a job as a celebrity chef.
That's good but he shouldn't expect reciprocity.
Arrest, indict and try the CEOs and CFOs of Wall Street firms suspected of financial misdeeds.
I can't support arresting people on suspicion but...if there are misdeeds (illegal activities) then they are like any other thieves and should be treated so.
Replace him with Eliot Spitzer...
No &$^@#^& way!
Cut off all medical, educational, legal and housing benefits to illegal aliens immediately. Deport all illegal immigrants now in jail.
Could not agree more---many of the owners of foreclosed houses were latino squatters.
The mortgage meltdown was precipitated by the illegal influx driving up the demand for housing (which is also fueling the uptick in the cost of food, energy, etc).
The situation was complicated by the fact that they were unable to read a mortgage contract and too stupid to understand what they were getting into.
Outrageous.
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