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Article: DOWNTOWN SHOWDOWN; Spitzer charges AIG, Greenberg with fraud.(News)(American International Group Inc.)
- Article from:
- Business Insurance
- Article date:
- May 30, 2005
CopyrightCOPYRIGHT 2005 Crain Communications, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: JUDY GREENWALD
NEW YORK-In the culmination of a months-long investigation, American International Group Inc., the insurer's former chairman and another former official are charged with orchestrating numerous fraudulent transactions to manipulate the insurer's financial results, in a civil lawsuit filed last week by New York Attorney General Eliot Spitzer and New York State Insurance Superintendent Howard Mills.
"The irony of this case is that AIG was a well-run and profitable company that didn't need to cheat,'' Mr. Spitzer said in a statement. "And yet, the former top management routinely and persistently resorted to deception and fraud in an ...