June 29, 2005 |
Maurice "Hank" Greenberg, American International Group Inc.'s former chief executive, will reverse a transaction that transferred his fortune in AIG shares to his wife days before accounting probes forced him to resign, his lawyers said Tuesday. Greenberg and his wife, Corinne, will both own the 41.1 million shares after the transfer is canceled. The transfer, valued at $2.
June 13, 2005 |
Besieged financial services giant American International Group Inc. repeatedly has sought to derail an effort by the Pentagon that could save taxpayers millions of dollars on reconstruction work in war zones like Afghanistan and Iraq. For more than a year, AIG and industry allies have fought an initiative to cut the rates for workers' compensation insurance that U.S. contractors operating overseas are required to carry, according to interviews and documents obtained by the Los Angeles Times.
June 7, 2005 |
An executive for Berkshire Hathaway Inc.'s General Re insurance unit will plead guilty this week to a criminal charge that he helped rival American International Group Inc. exaggerate its finances and will cooperate in the continuing investigation, his lawyer said Monday. John Houldsworth, 46, will plead guilty to one count of conspiring with others to misstate the financial statements of AIG, the nation's biggest insurance company, said his lawyer, Larry Byrne.
May 28, 2005 |
American International Group Inc. deliberately underreported California workers' compensation insurance premiums for years to save millions of dollars in taxes and state fees, according to a lawsuit filed by New York Atty. Gen. Eliot Spitzer. The alleged deception was one of many fraudulent practices aimed at boosting the New York-based company's stock price, Spitzer charged.
May 26, 2005 |
New York Atty. Gen. Eliot Spitzer and the state Insurance Department are expected to file a civil complaint against insurer American International Group Inc. as early as this week, a state official familiar with the investigation said Wednesday.
May 19, 2005 |
American International Group Inc. may lose its Florida license over transactions that cut its net worth by $2.7 billion. AIG on May 1 said improper transactions that boosted its assets might have "involved misrepresentations" to management, regulators and auditors. The Florida Office of Insurance Regulation has ordered AIG to detail the extent of the misrepresentations and "remove any parties" responsible for them. New York Atty. Gen.
May 7, 2005 |
Federal and state prosecutors are investigating whether Maurice Greenberg, the ousted chief executive of American International Group Inc., tried to prop up the insurer's stock price in the weeks before an accounting probe forced him out, people familiar with the matter said Friday. Prosecutors for the Manhattan U.S. attorney's office and New York Atty. Gen.
May 6, 2005 |
Maurice "Hank" Greenberg, who was ousted as chief executive of American International Group Inc. amid an accounting probe, accused the insurer of making "vile accusations" that are impugning his integrity. In a letter to AIG's board Wednesday, Greenberg blasted the firm for a May 1 statement that former senior managers ordered changes to the insurer's books, circumventing internal controls.
May 5, 2005 |
The FBI has been looking for nearly a year into whether accounting problems and other corporate fraud schemes might present a pervasive problem for the insurance industry, bureau officials said Wednesday. Assistant Director Chris Swecker said the FBI did not want to be unprepared if insurance-related corporate fraud became the next big crisis, as with the savings-and-loan industry in the late 1980s and corporate fraud in 2001 and 2002.
April 27, 2005 |
New York Atty. Gen. Eliot Spitzer said Tuesday that he would audit American International Group Inc. over reports that AIG improperly booked workers' compensation premiums, providing an "unlawful benefit" to the company worth tens of millions of dollars. Spitzer and the state Insurance Department are appointing a consultant to audit the company for conduct that Spitzer said appeared to have happened over a decade and has been discontinued.