Hank Greenberg: AIG Perpetrated Fraud

Bloomberg:

March 3 (Bloomberg) -- Former American International Group Inc. Chief Executive Officer Maurice "Hank" Greenberg accused the insurer in a lawsuit of securities fraud after it reported the biggest loss by a publicly traded U.S. firm.

Greenberg sued yesterday in federal court in Manhattan, saying the company's "material misrepresentations and omissions" caused him to acquire New York-based AIG shares in his deferred compensation profit-participation plan at an "artificially inflated price."

Read the whole story: Bloomberg

Comments

[Star2000dancer]

04:29 PM on 03/03/2009

Obama! I thought you were going to listen to the people, not Nancy Pelosi. Clinton sure would'nt have listened to her.

[ptc5672000]

04:04 PM on 03/03/2009

Listening to the stories of unbridled greed that has caused and perpetuated this problem one cannot help but wonder if Marx was right?

[Star2000dancer]

04:24 PM on 03/03/2009

Bankers have always been thieves.

[greatblue]

03:45 PM on 03/03/2009

AIG -- ARRRRRGH!

http://vagreatblueheron.wordpress.com/2009/03/03/aig-arrrrrgh/

[Mauimom]

03:41 PM on 03/03/2009

***Greenberg sued yesterday in federal court in Manhattan, saying the company's "material misrepresentations and omissions" caused him to acquire New York-based AIG shares in his deferred compensation profit-participation plan at an "artificially inflated price."***

Boy, talk about "cry me a river"!!!! I'm sure folks are lining up to feel sorry for this idiot.

[Lagniappe]

12:28 AM on 03/04/2009

SUPPRESSED DETAILS OF CRIMINAL INSIDER TRADING LEAD DIRECTLY INTO ... He is now a paid consultant to the Carlyle Group, the 11th largest defense ... FTW exposed Greenberg's and AIG's long connection to CIA drug trafficking and ...
whatreallyhappened.com/WRHARTICLES/illegaltrades.html - 17k - Cached - Similar pages

AIG Bailed Out Again, but Endless Fire-Drills Don't Put Out Fires ... Mar 3, 2009 ... AIG Bailout 4.0: the Tally Mounts (and Gets Murkier) Paul Kiel ..... We've all come to know (and love:) the dynasty of Bush and the Carlyle's of that empire. ... AIG=CIA=Market Manipulation for Geo Strategic Purpose ...
www.alternet.org/workplace/129639/aig_bailed_out_again,_but_endless_fire-drills_don't_put_out_fires/?comments... - 7 hours ago - Similar pages

[vippy]

03:32 PM on 03/03/2009

Greenberg probably will get more out of this than this administration. I don't know why they can't see what we see unless they know something we are not supposed to know. A corporation that was mismanaged so bad and on purpose, needs to fold.

[CAHertzfe]

02:52 PM on 03/03/2009

Why is it when a home owner buys a home at over inflated prices, it's called capitalism. When businesses buy over inflated shares of stocks it is fraud? Interesting huh?

[JoeBlough]

02:35 PM on 03/03/2009

I love it when the wealthy Barons duke it out!

[sandiegoconservative]

02:16 PM on 03/03/2009

People! It seems pretty clear that no one is going to let AIG go under. Buy their stock. I see it was trading for less than a buck a share. It will go back up.

[JoeBlough]

02:36 PM on 03/03/2009

You must own A LOT of stock, already.

[sandiegoconservative]

06:56 PM on 03/04/2009

I got lucky. I sold most of it last year a few months before it tanked to purchase an investment opportunity. Then the bad news came out and it tanked. I bought 200 shares in September and bought another 100 yesterday.

[ThePeacemakers]

02:10 PM on 03/03/2009

Eliot Spitzer's name comes up again (it did during the hearings about Madoff as one of the whistleblowers contacts as someone who was actually interested in investigating Madoff).

And he (Spitzer) was crucified over a prostitute. Smelled fishy all along to me.

Wake up, America.

[waverly]

02:18 PM on 03/03/2009

Elliot Spitzer was elected governor of NY because he challenged the corruption on Wall Street and brought a few powerful men down. Wall Street sought their revenge.

[truthynesslover]

07:47 PM on 03/04/2009

Now we know what the "wiretapping'was really all about huh?

[garbacue09]

01:53 PM on 03/03/2009

Artificially Inflated & Greedy?

[studlyguy]

01:52 PM on 03/03/2009

Yeah there all turning on each other meanwhile Madoff is sitting in his penthouse while he pulled off one the biggest heist ,so corrupt justice system,bribe the judge he'll let you sit in you're penthouse,but if someone steals a loaf of bread be in the slammer in a minute,so all this greed is the downfall of the republic as we know it,let AIG fail ,let auto companies fail,that is the only way America will cut the cancer from America out ,and start over,but I'm afraid O approach is going to not stimulate anything but it will stimulate hyper inflation in the long run,in other words the damage is done there boxed in a corner either way O goes is going to be painful,and it looks like O and Geithner,Bernanke have picked the hyper inflation way.

[JoeBlough]

02:37 PM on 03/03/2009

Madoff is getting the protection he paid for. It's called contributions.

[dandypuddin]

01:45 PM on 03/03/2009

Look at these 2 men. If that is living the "good" life, I think I'll pass.

[Grannysue]

01:31 PM on 03/03/2009

Remember boys, "GREED IS GOOD"!

[nomoredead]

01:22 PM on 03/03/2009

I can not understand how a person at 83 would want to spend time and energy fighting over more money. Take the loss and a few million that you have left and live on a beautiful island somewhere. Enjoy.

[dandypuddin]

01:44 PM on 03/03/2009

It's a sickness.

[taricaziz]

01:17 PM on 03/03/2009

AIG was described as an insurance company with a hedge fund. that doesn't sound good to me.

[larry278]

10:26 PM on 03/16/2009

How about criminal enterprise or terms used in & defined by RICO? Criminal Organization, thieves has a nice ring to it. Is Hank Greenberg still trying to convince us that he wasn't in on this? Just like Rosie is going to this years May queen at Our Lady of Lubricity & Larceny, you know on 33d & 3d, 7 miles south from the causeway & 3 miles east of the drawbridge. JMFC. Greenberg is in a contest with Citi's Pandit for the most pathetic lie on 3/16/09.