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Monday April 04, 07:54
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AIG’s Greenberg offers to break his control power
(by Helen Snow)
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Maurice Greenberg, the ousted chairman of American International Group Inc., offered to break his remaining links with the insurer by ending AIG’s relationship with two companies he controls, people familiar with the matter said.
According to the proposal, the AIG executive would be off receiving payments from Starr International Co., run by Greenberg, a company that has awarded great sum of money in long-term compensation since 1975 without board control. Greenberg also would resign his rein of C.V. Starr & Co., that does business with New York-based AIG, said the people, who preferred to be anonymous.
This is both the AIG and Greenberg’s interest to break relationships with the Starr in regard to the probes conducted by New York Attorney General Eliot Spitzer and the U.S. Securities and Exchange Commission, the people said.
The examination of the financial history of the company’s management is just in the process. Every newly revealed wrongdoing can more and more worsen its market position. Shares of AIG have fell 30% since Spitzer and the SEC sent subpoenas in February. The stock is down to a two-year low on April 1.
Moreover, the company’s accountability remains shady. Considering all huge fines and even more serious charges, investors can only guess how costly can turn recent events for the company.
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