JD
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When Greenburg took over as CEO, he defrauded the charitable organizations he was supposed to fund of millions and millions of dollars by selling himself large pieces of CV Starr for pennies on the dollar, then immediately selling that to the new AIG. Made a shit load of coin at the cost of philathropic organizations that CV STARR specifically stated were to be created from the money generated from the transformation of CV Starr into AIG. Basically, stabbed his former boss and mentor in the back after he was gone, and stole from society at large, and committed fraud, which Spitzer eventually nailed him for some 35 years later.
from the NY times 2005....more to be found on www.corpwatch.org
US: Report Says Ex-A.I.G. Chief Defrauded Foundation 35 Years Ago
by Gretchen Morgenson, The New York Times
December 15th, 2005
Eliot Spitzer, the New York attorney general, submitted a report yesterday as part of his lawsuit against Maurice R. Greenberg, the former chief executive of American International Group, contending that Mr. Greenberg unfairly enriched himself and other A.I.G. executives in a series of transactions that violated the will of Cornelius Vander Starr, the company's founder, and defrauded a foundation he created.
The questionable transactions took place more than 35 years ago as the far-flung insurance operations built by Mr. Starr starting in 1919 were being melded into A.I.G., the report said. After Mr. Starr died in 1968, Mr. Greenberg and his colleagues, as executors of his estate, benefited by selling assets at fire-sale prices to companies they controlled, it stated.
Almost immediately, the report said, these executives turned around and sold the assets at far higher prices to A.I.G., which then set some of them aside for use as a compensation pool for the company's executives. Because those shares ultimately amounted to 12 percent of A.I.G.'s outstanding stock, Mr. Greenberg was able to cement his control of the company.
Douchbag.
from the NY times 2005....more to be found on www.corpwatch.org
US: Report Says Ex-A.I.G. Chief Defrauded Foundation 35 Years Ago
by Gretchen Morgenson, The New York Times
December 15th, 2005
Eliot Spitzer, the New York attorney general, submitted a report yesterday as part of his lawsuit against Maurice R. Greenberg, the former chief executive of American International Group, contending that Mr. Greenberg unfairly enriched himself and other A.I.G. executives in a series of transactions that violated the will of Cornelius Vander Starr, the company's founder, and defrauded a foundation he created.
The questionable transactions took place more than 35 years ago as the far-flung insurance operations built by Mr. Starr starting in 1919 were being melded into A.I.G., the report said. After Mr. Starr died in 1968, Mr. Greenberg and his colleagues, as executors of his estate, benefited by selling assets at fire-sale prices to companies they controlled, it stated.
Almost immediately, the report said, these executives turned around and sold the assets at far higher prices to A.I.G., which then set some of them aside for use as a compensation pool for the company's executives. Because those shares ultimately amounted to 12 percent of A.I.G.'s outstanding stock, Mr. Greenberg was able to cement his control of the company.
Douchbag.
