Breaking: Former AIG CEO sues AIG for Securities Fraud

[margotb822]

I just heard this on my boss' teevee machine. No link yet.

This is getting weird...

Update: http://www.bloomberg.com/apps/news?pid=newsarchive&sid=aThygNETEI7A

American International Group Inc., which reported the biggest loss by a publicly traded U.S. firm, was sued for securities fraud by former Chief Executive Officer Maurice “Hank” Greenberg.

Greenberg filed his suit today in Manhattan federal court, saying the company’s “material misrepresentations and omissions” caused him to acquire AIG shares in his deferred compensation profit participation plan at an inflated valued.

The suit comes on the same day that AIG CEO Edward Liddy said that Greenberg was partially to blame for the firm’s woes. Greenberg, 83, led AIG for almost 40 years before being forced to retire in 2005.

The case is Greenberg v. AIG, 09-cv-1885, U.S. District Court, Southern District of New York (Manhattan).



Looks like he's sad because his golden parachute has turned into lead.

[suffragette]

1. Here's a link with some info

http://www.bloomberg.com/apps/news?pid=20601127&sid=aThygNETEI7A

Maurice Greenberg Sues AIG, Saying Its Shares Were ‘Inflated’


By David Glovin

March 2 (Bloomberg) -- American International Group Inc., which reported the biggest loss by a publicly traded U.S. firm, was sued for securities fraud by former Chief Executive Officer Maurice “Hank” Greenberg.

Greenberg filed his suit today in Manhattan federal court, saying the company’s “material misrepresentations and omissions” caused him to acquire AIG shares in his deferred compensation profit participation plan at an inflated valued.

The suit comes on the same day that AIG CEO Edward Liddy said that Greenberg was partially to blame for the firm’s woes. Greenberg, 83, led AIG for almost 40 years before being forced to retire in 2005.

The case is Greenberg v. AIG, 09-cv-1885, U.S. District Court, Southern District of New York (Manhattan).


Looks like the blame game is intensifying.

[margotb822]

2. Just came back to post that, thanks!

Looks like he's :( because his compensation package isn't worth anything anymore. Boo-hoo!

[suffragette]

10. It does look like that

Also, they seems to be involved in some ridiculous blame game.
New bosses say he's to blame, so he sues them. Bet there will be a back at you from the new bosses soon, and so on.

Grade school temper tantrums.

[sarcasmo]

3. If you take a massive bonus from a former employer, can you sue the former employer?

[margotb822]

4. Especially when it seems the fraud took place under your tenure?

I guess we'll find out soon enough. Seems like a bad idea to me though.

[sarcasmo]

5. I am going to bookmark and follow this, something in me tells me this will be dropped.

[goforit]

6. OMG!!!....Shit hits the fan.

[Earth_First]

7. Let me get this right: Greenberg is suing AIG because his bonus wasn't big enough?

Fuck.Off.

[Junkdrawer]

8. Note to looters: Getting your bonus in the form of stock of the company...

you're selling down the river may not be the smartest plan....

[margotb822]

9. Yea, that seems to be the lesson in this

What a jerk!