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Case 24: AIG (2005)
In his 38 years as CEO of American International Group, Inc. (AIG), Maurice…
…AIG were three primary areas
of fraud (see SEC 2009):
– Sham reinsurance transactions with General Re Corp. (“Gen Re”), in order to
make it appear…
…boosted AIG’s net investment income and allowed it
to improperly recognize capital gains
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156
The “Gen…
….
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The transactions to misstate net investment income and capital gains
Another set of transactions was designed…
…General Eliot Spitzer. “And
yet, top management routinely and persistently resorted to deception and fraud in an
apparent effort to improve the company’s…
…over securities fraud and improper accounting by paying USD 800
million in fines and disgorgement. Settlement of these issues with New York State…
…authorities as well as the Department of Justice resulted in payment of another
USD 800 million.
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Eventually…
…, in August 2009, the SEC announced an agreement with Greenberg to
settle the accusations that he oversaw the accounting fraud at AIG. The SEC com-…
…Greenberg
was liable as a “control person” during the fraud, but it had not accused him of
fraud directly. Under the settlement, 84 year-old Greenberg…
…defiant statement saying that
he had “no responsibility” for the fraud at AIG and that the vast majority of the re-
statement was “unnecessary”. But he…
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