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Tuesday March 29, 10:11
AIG’s Greenberg to step down as chairman
(by Mark Riley)

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AIG’s Greenberg to step down as chairman American International Group’s Maurice ``Hank’’ Greenberg will probably step down as the company’s chairman this week amid the probe around AIG’s accounting practices launched by the Securities and Exchange Commission.

AIG already forced Greenberg to resign as the company’s CEO about two weeks ago. “The reputation of the company would suffer tremendous damage if Greenberg were allowed to take the Fifth and continue serving in such as important role. The harm to AIG would be less if from Greenberg," former federal prosecutor Christopher Bebel told the wire service.

AIG might restate as much as $3 billion as a result of as many as 30 insurance transactions, according to the Wall Street Journal.

Frank Zarb, former Nasdaq chairman and AIG board member, will assume the duties of chairman on March 30 or March 31 after Greenberg returns from a two-week trip to Asia and Europe.

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04 May 2005 09:07 AM AIG accounting tricks directed by Greenberg and Smith
 


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