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Tuesday April 12, 07:42
Greenberg refuses to testify
(by Dr.Goldfinger)

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Greenberg refuses to testify American International Group’s ex-CEO Maurice "Hank" Greenberg refused to be questioned by the regulators and is planning to take Fifth Amendment rights that allow to avoid testifying to government investigators

Mr. Greenberg has no documents needed to prepare to the questioning, according to his lawyer David Boies.

It is still not clear whether billionaire investor Warren Buffett will give testimony over AIG’s boosted figures after the series of transactions with his General Re insurance company.

The investigation over AIG’s accounting practices was launched by the Securities and Exchange Commission and New York State Attorney General Eliot Spitzer.

AIG has already restated earnings downward by $1.7 billion under the probe. "These are very serious offenses, over a billion dollars of accounting frauds that AIG has already acknowledged," Mr. Spitzer said.

AIG agreed to help the investigators and has already fired some senior executives that were likely to invoke their Fifth Amendment rights, including Greenberg who stepped down as the company’s CEO and chairman last month.
All insurance news
Read the related news and articles:
30 May 2005 08:13 AM AIG faces indictments
27 May 2005 06:06 AM AIG sued by Spitzer: Stock price rises
16 May 2005 08:01 AM AIG executive agrees to help Spitzer in return for immunity
11 May 2005 05:26 PM Insurance regulator reveals plan to revamp reinsurance accounting
04 May 2005 09:07 AM AIG accounting tricks directed by Greenberg and Smith
 


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