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Wednesday April 13, 08:46
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AIG’s Greenberg gives $2.2 billion of shares to his wife
(by Dr.Goldfinger)
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Former AIG’s CEO and chairman Maurice ``Hank’’ Greenberg transferred as much as $2.2 billion shares to his wife during the investigation over the world’s No.1 insurer accounting practices.
The transaction comes after Greenberg’s refusal to give testimony to federal regulators on the unusual deals with General Re, insurance company headed by billionaire investor Warren Buffett.
The unusual gift can make regulators be more careful about the probe launched by the Securities and Exchange Commission and New York State Attorney General Eliot Spitzer. "He [Greenberg] anticipated that something serious was going to happen to him and he’s trying to move assets to his wife. This large of a transfer, even in isolation, would garner regulatory scrutiny, but in the context of the criminal and civil issues, the warning bells are waking up people from here to China," said Thomas Ajamie, a securities lawyer in Houston.
Greenberg’s spouse, Corinne P. Greenberg, is not involved in any scandal and cannot be regarded as a potential witness for her husband’s case.
Earlier, Greenberg used his Fifth Amendment right to refuse being questioned by the federal regulators, adding to a list of AIG’s top officials that were forced to step down after the refusal as the company agreed to help the investigators.
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