Witnesses to testify in trial of former AIG CEO (AP)
This is a discussion on Witnesses to testify in trial of former AIG CEO (AP) within the Crimes and Trials News forum, part of the Law News category; AP - Witnesses begin testifying Tuesday in the civil trial of American International Group Inc.'s former top executive, accused of ...
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Jun 16th, 2009, 04:11 AM
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Witnesses to testify in trial of former AIG CEO (AP)
AP - Witnesses begin testifying Tuesday in the civil trial of American International Group Inc.'s former top executive, accused of plundering an AIG retirement program of billions of dollars.
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Jun 16th, 2009, 09:21 AM
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Re: Witnesses to testify in trial of former AIG CEO (AP)
Attorney Theodore Wells told jurors Monday in Manhattan that former Chief Executive Officer Maurice "Hank" Greenberg improperly took $4.3 billion in stock from the company in 2005, after he was ousted by the company amid investigations of accounting irregularities.
"Hank Greenberg was mad. He was angry," Wells said in U.S. District Court of the emotional state of the man who, over a 35-year-career, built AIG from a small company into the world's largest insurance provider. He said the saga is a story of "anger, betrayal and cover-up." Wells said that Greenberg, within weeks of being forced out in mid-2005, gave the go-ahead for tens of millions of shares to be sold from a trust fund. The fund was set up decades ago to provide incentive bonuses to a select group of AIG management and highly compensated employees that they would receive upon their retirement. Witnesses to testify in trial of former AIG CEO - Yahoo! News |
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