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In what an attorney calls a story of "anger, betrayal and cover-up," we are learning that former American International Group (NYSE: AIG) CEO Maurice "Hank" Greenberg may have taken $4.3 billion in stock from the company in 2005.

This "withdrawal" reportedly occurred shortly after Greenberg was forced out of the company as he was being investigated for accounting irregularities. Attorney Theodore Wells told a jury in Manhattan yesterday that Greenberg "was mad. He was angry," deciding to give the okay to tens of millions of shares being sold from a trust fund shortly after being jettisoned from the company. The fund was put together to provide incentive bonuses to a group of AIG management and employees that they would receive when they retired.

Continue reading AIG contends former CEO stole billions from retirement fund

AIG contends former CEO stole billions from retirement fund originally appeared on BloggingStocks on Tue, 16 Jun 2009 12:40:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>AIGDavid Boiesgovernment bailoutHank Greenberginthenewsretirementretirement fundStarr InternationalTheodore WellsTue, 16 Jun 2009 12:40:00 EST<![CDATA[Hank Greenberg to unload AIG stake]]>http://www.bloggingstocks.com/2009/05/02/hank-greenberg-to-unload-aig-stake/http://www.bloggingstocks.com/2009/05/02/hank-greenberg-to-unload-aig-stake/http://www.bloggingstocks.com/2009/05/02/hank-greenberg-to-unload-aig-stake/#commentsFiled under: ,

Former American International Group (NYSE: AIG) head honcho Hank Greenberg is selling his entire stake in the company -- just under 12.9 million shares -- to Starr International for at least $1.25 per share. The price will be set based on the closing price the day before the sale, but a clause in the deal prevents it from being less than that.

Who is Starr International? Glad you asked. Starr International is a privately held investment vehicle the operates for the benefit of Mr. Greenberg's charitable ventures. The Wall Street Journal reports (subscription required) that "In addition to buying Mr. Greenberg's shares, Starr International would purchase 25.3 million shares in AIG from an entity called the Greenberg Joint Tenancy Co., 10.5 million shares from C.V. Starr & Co., another firm that Mr. Greenberg heads, and other shares from affiliated entities."

Continue reading Hank Greenberg to unload AIG stake

Hank Greenberg to unload AIG stake originally appeared on BloggingStocks on Sat, 02 May 2009 11:40:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>AIGAmerican International GroupHank GreenberginthenewsStarr InternationalSat, 02 May 2009 11:40:00 EST