Word: frauds
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...Greenberg's own board--led by longtime peer and pal Frank Zarb, who for years was his quietly designated successor should the worst happen--lost faith and pushed him to resign, first as CEO and then as chairman, in March. New York State Attorney General Eliot Spitzer filed civil fraud charges in May, accusing Greenberg of orchestrating "sham transactions" that hid losses and inflated AIG's net worth. Just last week he resigned from AIG's board, ending his last official tie to the company--the same week two executives at General Re, a unit of Warren Buffett's Berkshire...
...tape, the gravelly voice of Philippine President Gloria Macapagal Arroyo is unmistakable?and she appears to be discussing the fixing of returns in last May's presidential election, which Arroyo won by about 1 million votes. The tape was recorded shortly after the poll?but it is an edited fraud, according to the President's office, which played it for the media last week along with a recording of what it said was the original, undoctored conversation. The edited tape, say Arroyo and her aides, is part of a broader plan by her rivals to discredit her, spark street protests...
...doesn't think Enron "set out to become fraudulent." At first it was just trying to cover up relatively modest failures. But watching Enron: The Smartest Guys in the Room, we realize we're not smart enough, attentive enough or sufficiently lacking in greed to penetrate the next great fraud when it rolls down--not if its masters truly believe in it and keep beaming. --By Richard Schickel
...University itself was absolved of the fraud claims but could still face damages of up to $34.8 million for violating its contracts with USAID...
...jurors, many of whom appeared to snooze through some of the trial’s most technical testimony, took just four hours to conclude that, indeed, Shleifer had been assigned to Russia. Their verdict effectively resolved a second count of fraud under dispute in the wider case and left Shleifer open to potentially greater monetary damages...