Posted on 03/02/2009 5:58:19 PM PST by decimon
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Maurice "Hank" Greenberg, 83, claimed in papers filed in federal court in Manhattan Monday that the company, once the world's largest insurer, has ruined his fortune by lying about its financial health.
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(Excerpt) Read more at news.yahoo.com ...
Elliot Spitzer took out a personal vendetta against HG - and forced him out with his special brand of extortion - that’s when AIG begain to fall apart.
Chutzpah.
(Rush is a big ‘Hank’ fan)
Hank jumped before he was pushed.
I guess being the world’s largest and most financially strong insurer at the time kind of speaks for itself.
That Spitzer was no prince doesn't make Greenberg one. I can't believe that the bad policies came into effect with a change in CEOs.
(cough, cough.....)
Leni
Current story speaks very loud.
Was AIG financially sound or was its balance sheet a house of cards like other financial giants?
They didn’t. Woulda happened exactly like it unfolded if he was still there.
He and AIG cheated everyone that paid their premiums by gambling in the stock casino!
Also.. AIG was the largest municipal insurer in the US. Greenburg insisted that the rates had to match the level of “liberal stupidity” in a particular geographic area. NY had the highest rates outside of CA, and that's why Spitzer made it his mission to take him down.
If I’m wrong then I am but I see this guy as one of many, too many, megalomanic empire builders.
Hank - Just get in line with the rest of us who have lost our “fortunes” because Banks/Insurers lied.
If he wins then I'll bring my suit to small claims court. ;-)
Greenberg was CEO when AIG committed a massive multi-billion dollar accounting frauds. They had to restate their financial statements to the tune of $2.7 Billion.
They had a long history of earnings management, which is accounting fraud, directed by Greenberg.
They not only committed fraud on their own financial statements, they conspired with customers to create fraudulent transactions to tart up the customer’s financial statements. They have paid $100+ million fines for accounting fraud to the SEC.
For this guy to claim that he was cheated - this is just insane.
He was sorta hoping that we'd forget about that...... I watched him on a Charlie Rose rerun from last September - unbelievable - he was blaming everyone but himself. He's quite a piece of work along with his sons who run the rest of the insurance world. He was at one point supposed to be appointed to the CIA and has a long shady history.
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