AIG

sugarpop · 03-05-2009, 05:07 AM

Can it get any worse with these guys? Really.

"...On Monday, we the taxpayers, through our Treasury Department, committed to further AIG restructuring by injecting $30 billion and taking an approximate 78% stake in the company. Perhaps the company and its officers and employees should be thankful.

Instead, on Friday, AIG sued the United States for over $330 million in a tax dispute with the Internal Revenue Service. Really... I don't make this up. It is case number 1:09 CV 01871 in the United States District Court for the Southern District of New York filed by the law firm of Sutherland Asbill & Brennan LLP...." http://businessinsure.about.com/b/20...nd-sues-us.htm

And then there's this. Can you say HYPOCRISY? This guy ought to rot in prison. Seriously.

"Former American International Group Inc. Chief Executive Officer Maurice “Hank” Greenberg accused the insurer in a lawsuit of securities fraud after it reported the biggest loss by a publicly traded U.S. firm.

Greenberg sued yesterday in federal court in Manhattan, saying the company’s “material misrepresentations and omissions” caused him to acquire New York-based AIG shares in his deferred compensation profit-participation plan at an “artificially inflated price.”

The complaint came on the same day that AIG CEO Edward Liddy told Bloomberg News that Greenberg was at the helm during the formation of AIG’s financial products unit, which sold derivatives that cost the company more than $30 billion in writedowns and prompted a government rescue. After reporting its fourth-quarter loss widened to $61.7 billion, AIG announced it reached an agreement to restructure its federal bailout..."
get the full story here: http://www.bloomberg.com/apps/news?p...fqQ&refer=home

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03-05-2009, 05:07 AM	#11
sugarpop Professor Join Date: Nov 2008 Location: the edge of the abyss Posts: 1,947	Can it get any worse with these guys? Really. "...On Monday, we the taxpayers, through our Treasury Department, committed to further AIG restructuring by injecting $30 billion and taking an approximate 78% stake in the company. Perhaps the company and its officers and employees should be thankful. Instead, on Friday, AIG sued the United States for over $330 million in a tax dispute with the Internal Revenue Service. Really... I don't make this up. It is case number 1:09 CV 01871 in the United States District Court for the Southern District of New York filed by the law firm of Sutherland Asbill & Brennan LLP...." http://businessinsure.about.com/b/20...nd-sues-us.htm And then there's this. Can you say HYPOCRISY? This guy ought to rot in prison. Seriously. "Former American International Group Inc. Chief Executive Officer Maurice “Hank” Greenberg accused the insurer in a lawsuit of securities fraud after it reported the biggest loss by a publicly traded U.S. firm. Greenberg sued yesterday in federal court in Manhattan, saying the company’s “material misrepresentations and omissions” caused him to acquire New York-based AIG shares in his deferred compensation profit-participation plan at an “artificially inflated price.” The complaint came on the same day that AIG CEO Edward Liddy told Bloomberg News that Greenberg was at the helm during the formation of AIG’s financial products unit, which sold derivatives that cost the company more than $30 billion in writedowns and prompted a government rescue. After reporting its fourth-quarter loss widened to $61.7 billion, AIG announced it reached an agreement to restructure its federal bailout..." get the full story here: http://www.bloomberg.com/apps/news?p...fqQ&refer=home

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