Skip to: Content
Skip to: Site Navigation
Skip to: Search
WEDNESDAY, NOVEMBER 25, 2009
| Subscribe to Newser's RSS feeds RSS | Follow Newser on Twitter Twitter


13

Ex-AIG Honcho Settles New SEC Case for $15M

Share

(Newser) – The SEC today simultaneously announced a complaint against former AIG chief Hank Greenberg and the resolution of the matter—a $15 million payment to settle the suit, the New York Times reports. Greenberg and a former AIG CFO were accused of “numerous improper accounting transactions” between 2000 and 2005 that artificially inflated the firm’s value. Greenberg was ousted from AIG in 2005 for similar trespasses.

“Greenberg and Smith oversaw various improper transactions that presented a false financial picture and allowed AIG to claim success in meeting its performance goals, an SEC official says. Greenberg has a more rosy take on the matter. “Mr. Greenberg appreciates the SEC’s recognition that he personally should not be charged with any fraud,” his current firm says, “and the settlement is recognition of his lack of responsibility.”

The AIG logo.
The AIG logo.   (AP Photo)
Former American International Group (AIG) Inc. CEO Maurice 'Hank' Greenberg.
Former American International Group (AIG) Inc. CEO Maurice 'Hank' Greenberg.   (AP Photo)
Former American International Group (AIG) Inc. CEO Maurice R.
Former American International Group (AIG) Inc. CEO Maurice R. "Hank" Greenberg.   (AP Photo)
« Prev« Prev | Next »Next » Slideshow
OFF THE GRID
11.24.09
Murdoch and Microsoft: The Mice Are Trying to Roar
11.23.09
Books Are Bad for You
13 comments
VIEWING:
 
godawgs
Aug 6, 09 3:35 PM CDT
how does this guy only get a fine, but the congressman is going to get like 20 years? how was what he did to that company not fraud? Reply
Vote up! Vote down!
+2
IN RESPONSE:
radnip
Sep 28, 09 4:58 AM CDT
Shareholders' don't mind paying that much to incompetent CEOs, unlike voters who can't stand corrupt politicians. In this case, voters are doing a better job.
Vote up! Vote down!
0
Deebles
Aug 6, 09 3:42 PM CDT
Hey, Elliot Spitzer who started this whole thing about Greenberg and the same off-shore shell companies just like Enron, got a stiffer punishment. No pun intended. He was all over this and it probably would have turned out a bit different except for that first stone thing. Reply
Vote up! Vote down!
0
Sammy
Aug 6, 09 4:14 PM CDT
There is evidence Mr. Spitzer may have been set up by the WallStreet types he was investigating when the Call Girl scandal hit. The feds don't usually get that involved in those kinds of things unless someone important blows the whistle. I am not excusing Mr. Spitzer's behavior but he had many powerful enemies on Wall Street who were thrilled by his troubles. Reply
Vote up! Vote down!
0
IN RESPONSE:
rajanKazhmin
Aug 6, 09 5:44 PM CDT
I am excusing Spitzer's behavior.
Vote up! Vote down!
+1

View all 13 comments »

LEAVE A
COMMENT Comment Policy
Facebook ConnectPost this comment to Facebook?

After connecting you will have the option to post your comment on your Facebook profile.

 

Related Newser Stories

31 Stories

AIG Settles With Ex-CEO:
Will Pay Fees, Return Rug

Company agrees to shell out up to $150 million

5 hours, 28 minutes ago
(Newser) - AIG is done fighting with former CEO Hank Greenberg and will give him his Persian rug back. The taxpayer-owned insurance giant agreed to settle all legal disputes with Greenberg and former CFO Howard I. Smith. The company agreed to pay up to $150 million in legal fees to the two... More »

MORE ABOUT:
CEO • AIG • Hank Greenberg

 AIG's Benmosche: 
 I'm Not Quitting 

CEO is 'committed' to firm's employees

Nov 11, 09 3:00 PM CST
(Newser) - AIG CEO Robert Benmosche isn’t fed up with running a government-controlled insurance giant after all: Backing away from his threat to quit, Benmosche said today that he remains "totally committed” to the company. The CEO conceded, however, that he and the board “are indeed frustrated” with the... More »

MORE ABOUT:
Wall Street • insurance companies • CEO • insurance • AIG • bailout • Robert Benmosche

 Ousted AIG CEO 
 Builds AIG 2— 
 With AIG Talent 

Greenberg's new insurer poaches AIG employees at taxpayers' expense

Oct 27, 09 7:47 AM CDT
(Newser) - Hank Greenberg built AIG into a $1 trillion behemoth that needed the biggest bailout in history—but quietly, the former CEO has begun a new insurance company, CV Starr, that is poaching some of AIG's leading talent. He just got an unintended assist from the Treasury: Tough new pay rules... More »

MORE ABOUT:
Iraq • executive compensation • insurance • AIG • Hank Greenberg • bailout • financial crisis

31 Stories


Business  •  Crime & Courts 
TwitterFollow @NewserBusiness on Twitter

 
insurance companies • accounting • AIG • Hank Greenberg • settlement • Federal government • Securities and Exchange Commission

from our news partners