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Article: US regulators consider charging Greenberg
- Article from:
- The Independent (London, England)
- Article date:
- May 22, 2008
- Author:
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Copyright informationCopyright 2008 The Independent - London. Provided by ProQuest LLC. (Hide copyright information)
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Maurice "Hank" Greenberg, the former chief executive of American
International Group, could face civil charges for his alleged role
in overstating the insurance giant's financial strength.
Mr Greenberg was sent a "Wells notice" by the US Securities and
Exchange Commission last week in connection with reinsurance
transactions between AIG and Berkshire Hathaway's General Re in
2000. A Wells notice indicates that the SEC is considering civil
charges and gives the recipient the chance to persuade the watchdog
not to press charges.
District Judge Christopher Droney said last Friday that there was
"sufficient evidence" to show that a financial conspiracy started
with a phone call from Mr Greenberg.
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