Greenberg Puts $2.2 Billion AIG Stake in Wife's Name

[Inland]

http://www.bloomberg.com/apps/news?pid=10000087&sid=awvTZFWnVo8M&refer=top_world_news

April 12 (Bloomberg) -- Maurice ``Hank'' Greenberg, ousted from American International Group Inc. amid an accounting probe, transferred $2.2 billion of AIG shares to his wife's name four days before he stepped down as chief executive last month.
***
Greenberg, 79, may be seeking to shield his wealth from lawsuits that may come from the accounting investigation, said former federal prosecutor Christopher Bebel. ...``He's probably trying to shelter those assets from civil litigants,'' said Bebel, who now practices law in Houston.

David Boies, Greenberg's lawyer, didn't immediately return a phone call to his home......

[UpInArms]

1. here's one of the first claims that I've seen

Leaders push California funds to recover $400 million from AIG

http://www.kansascity.com/mld/kansascity/business/11376504.htm

(this may be registration site, if so try www.bugmenot.com)

SACRAMENTO - Leaders of the nation's largest public retirement systems said Tuesday they will ask their boards to approve suing troubled insurance giant American International Group, Inc. to recover $400 million in losses suffered since the company's problems surfaced in February.

Treasurer Phil Angelides, a board member of the $182.9 billion California Public Employees Retirement System and $125 billion California State Teachers Retirement System, said "allegations of scandal and misconduct" at AIG have caused "grievous damage" to holdings of more than 2 million California retirees and employees.

"The losses are beyond the realm of excessive," said CalPERS President Rob Feckner, who said he will ask the full CalPERS board on April 20 to begin legal action against AIG, its executives and auditors. CalSTRS will consider the request at its May 4-5 meeting.

California's funds hold more than $1 billion worth of AIG stock - 20.9 million shares. The company's stock has dropped by more than $19 a share since the start of federal and state investigations into its finances. Shares of AIG rose 85 cents, or 1.6 percent, to $52.95 in afternoon trading Tuesday on the New York Stock Exchange, near the low end of a 52-week range of $50.15 to $77.36.

...more...

[DeepModem Mom]

2. I think yesterday's story had Boies having Greenberg take the Fifth --

sounds like Boies has his hands full on this one, and will be trying to minimize the damage. He was talking about his cases on Charlie Rose the other night, including this one (and Imus). Greenberg seems to have been a really popular figure, whose given a lot of money to charitable causes, according to Rose and David.

[cosmicdot]

14. Maurice Greenberg is Chairman of the Nixon Center's Board

... and, his son Evan is on the Center's Advisory Council
http://www.nixoncenter.org/boardac.htm

the good ol'boys are such a close-knit bunch :)

[DeepModem Mom]

15. And Joementum Lieberman's a board member!

Interesting --

[cosmicdot]

16. yes, indeed

quite a number of 'interesting' folks there

ever peeped at the long list of Trustees
of the Poppy Bush presidential library foundation?

http://www.georgebushfoundation.org/bush/asp/OverView/Trustees.asp

[DeepModem Mom]

18. Our Bob Strauss...

serves with some really unsavory Texans, and the major buckster behind the Swift Boat Liars. Strange bedfellows.

[babylonsister]

3. Is Boies the dem lawyer from '00? Maybe I'm

not remember the name correctly. So this means the moola can't be touched? If so, there's another law that should be changed.

[DeepModem Mom]

4. That is the same David Boies, who despite Bush v Gore...

is considered by many the finest lawyer of his generation. (Also, famously dyslexic, and an example for kids with this problem.)

[Inland]

6. Yes, no.

Yes, Boies was Gore campaign's lawyer for Bush v. Gore.

No, the money is still available. Such conveyences are considered frauds on one's creditors. In fact, it's so pedestrian that one wonders why he bothered. It's practically an admission of guilt.

[babylonsister]

7. Thanks for latter clarification, and phew! nt

[TwilightZone]

5. Where's the "gift tax" when we need it?!?

This single action shows what is wrong with Bush's corporate America.

This idiot can shelter $2.2 billion, but a middle-class family with a ton of medical bills is screwed by the new bankruptcy laws.

This idiot can shelter $2.2 billion, but Martha Stewart goes to jail for a stock trade that made her an infinitesimal fraction of that.

How nice.

[Inland]

8. Gifts to spouse excluded anyway.

Just saying.

His creditors will still get the money, not to worry. You can't shelter money from known or anticipated creditors with a transfer for no consideration. His wife will have to give it back.

[Indykatie]

9. Charitable Record

As I recall, Ken Lay had a history of philantrophy as well. Crooks none he less.

[TwilightZone]

11. Yes, I know. It was meant as a joke.

As far as the potential creditors getting paid - he's probably a pal of the Bush family. If so, I wouldn't put it past Bush to push Congress to find a way to get him exempted.

[Inland]

23. No, this is the type of crime Bush wouldn't allow

The injured are other rich people and other corporations. He'll be right on it.

[Tandalayo_Scheisskopf]

12. Probably a move...

To create one more obstacle, in a vast tapestry of them, to piercing the corporate veil.

[Inland]

22. Sure

But a crap one. Pretty obvious. Sign of desperation.

[Robbien]

10. The other day the pundit on CNBC said this AIG thing was just an

accounting problem, no fraud at all. No need to worry.

Had to pick my chin up from the floor.

[President Jesus]

13. Greenberg's littany of GOP campaign contibutions

list: http://www.newsmeat.com/billionaire_political_donations/Maurice_Greenberg.php

Donates 10 times more to GOP than Dems.

[KoKo]

17. Here are the Democrats he gave to:

(Gave to Christopher Dodd (D) Connecticut twice (Dodd's always been Wall Street's Friend.)

BAYH, EVAN (D)
Senate - IN
EVAN BAYH COMMITTEE

CARPER, THOMAS R (D)
Senate - DE
CARPER FOR SENATE

DODD, CHRISTOPHER J (D)
Senate - CT
FRIENDS OF CHRIS DODD 2004

SCHUMER, CHARLES E (D)
Senate - NY
FRIENDS OF SCHUMER

Also:
CHARLES RANGLE (D)
New York

[DeepModem Mom]

19. He's covered his bases: gave $1,000 to both Reagan and Carter!

[cosmicdot]

20. wonder if No. 2 son Evan heading up ACE, Ltd. in the offshore location

of Bermuda plays any role in what's going on ...

"Ace Ltd., the property and casualty insurer recently implicated in a probe of insurance industry practices, on Wednesday said it received 43 subpoenas and legal inquiries regarding its involvement in bid rigging and price fixing.

The Bermuda-based company said in a filing with the Securities and Exchange Commission it received subpoenas and other inquiries from 9 state attorneys general and one from Washington, D.C. Further, insurance commissioners and other regulators from 10 states also launched some form of legal action." March 2005
http://www.the-catbird-seat.net/ACE.htm


No. 1 son Jeffrey stepped down as CEO of Marsh & McLennan. Spitzer charged the company's insurance-brokerage unit with bid-rigging and accepting kickbacks, among other allegations.
http://www.businessweek.com/magazine/content/05_02/b3915656.htm

I salute Eliot Spitzer :applause: :yourock:

AIG's Board of Directors and some of their other connections
`````````````````````````````````````````````````````

M. BERNARD AIDINOFF

Director since 1984

Retired Partner, Sullivan & Cromwell
(Attorneys)

Age 75

Director, First SunAmerica Life Insurance
Company, a wholly-owned subsidiary of AIG


PEI-YUAN CHIA

Director since 1996

Retired Vice Chairman, Citicorp
and Citibank, N.A.

Age 65

Director, Baxter International Inc.


MARSHALL A. COHEN

Director since 1992

Counsel, Cassels Brock & Blackwell (Barristers and Solicitors); Former President and Chief Executive Officer, The Molson Companies Limited

Age 69

Director, Barrick Gold Corporation
Collins & Aikman Corporation
Lafarge North America Inc.
Metaldyne Corporation
Premcor Inc.
Toronto Dominion Bank


WILLIAM S. COHEN

Elected February 2, 2004

Chairman and Chief Executive Officer, The Cohen Group; Former United States Secretary of Defense; Former United States Senator

(The Cohen Group provides business consulting services and advice in international markets)

Age 63


Director, The Nasdaq Stock Market, Inc.
Viacom, Inc.


MARTIN S. FELDSTEIN

Director since 1987

Professor of Economics, Harvard University; President and Chief Executive Officer, National Bureau of Economic Research
(Nonprofit Economic Research Center)

Age 64

Director, Eli Lilly and Company HCA Inc.


ELLEN V. FUTTER

Director since 1999

President, American Museum of Natural History

Age 54

Director, Bristol-Myers Squibb Company
Consolidated Edison, Inc. (also serves
as Trustee of Consolidated Edison
Company of New York, Inc.) J.P.
Morgan Chase & Co.


MAURICE R. GREENBERG

Director since 1967

Chairman and Chief Executive Officer, AIG

Age 78

Director, Transatlantic Holdings, Inc.
(“Transatlantic”), which is owned 59
percent by AIG

Also serves as Chairman of Transatlantic, a director, President and Chief Executive Officer of C.V. Starr & Co., Inc. (“Starr”), and a director of Starr International Company, Inc. (“SICO”) and International Lease Finance Corporation (“ILFC”); Starr and SICO are private holding companies (see “Ownership of Certain Securities”); ILFC is a wholly-owned subsidiary of AIG


CARLA A. HILLS

Director since 1993

Chairman and Chief Executive Officer, Hills & Company; Former United States Trade Representative

(Hills & Company provides international investment, trade and risk advisory services)

Age 70

Director, Time Warner Inc. ChevronTexaco
Corporation Lucent Technologies Inc.


FRANK J. HOENEMEYER

Director since 1985

Financial Consultant;
Retired Vice Chairman,
Prudential Insurance Company of America

Age 84

Director, Carey Fiduciary Advisors, Inc.
Cincinnati, Inc.


RICHARD C. HOLBROOKE

Director since 2001

Vice Chairman, Perseus LLC; Former United States Ambassador to the United Nations; Former Vice Chairman, Credit Suisse First Boston

Age 62

Director, Human Genome Sciences, Inc.
Quebecor World Inc.


DONALD P. KANAK

Vice Chairman and Co-Chief Operating Officer, AIG

Age 51

Also serves as a director of Starr and SICO


HOWARD I. SMITH

Director since 1997

Vice Chairman, Chief Administrative Officer and Chief Financial Officer, AIG

Age 59

Director, Transatlantic
21st Century Insurance
Group (“21st Century”), which is owned
63 percent by AIG

Also serves as a director of Starr, SICO and ILFC


MARTIN J. SULLIVAN

Director since 2002

Vice Chairman and Co-Chief Operating Officer, AIG

Age 49

Also serves as a director of Starr and SICO


EDMUND S.W. TSE

Director since 1996

Senior Vice Chairman—Life Insurance, AIG

Age 66

Also serves as a director of Starr and SICO


FRANK G. ZARB

Director since 2001

Former Chairman, National Association of Securities Dealers, Inc. and The Nasdaq Stock Market, Inc.; Senior Advisor, Hellman & Friedman LLC (Private Equity Investment Firm)

Age 69

Director, FPL Group, Inc.

http://www.sec.gov/Archives/edgar/data/5272/000095011704001279/a37136.htm

[kodi]

21. that man and his two sons have fucked over a lot, a lot of people

and apparently have absolutely no regrets

[barb162]

25. yes, agree ( and it must be nice to have been made heads of

Marsh and ACE because of your last name)

[burythehatchet]

24. many people forget that

Greenberg's name was floated for Dir CIA at one time. (Under Poppy, I think)