Word: spitzers
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Dates: during 2000-2009
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...books for months. 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...
...would do anything to win--and who was bound to be discovered as his deceits escalated? Or is he a quintessential hard-driving businessman so used to winning and so sure of his judgment that he didn't notice how close his toes had got to the line? Spitzer has been criticized in the business community for overzealousness, and last week brought the first hard evidence that the criticism may have merit: a former Bank of America broker was acquitted in a courtroom test of Spitzer's crusade against the financial industry. That can't help pleasing Greenberg's lawyers...
...friend, as was the case in London, is one thing. But now Greenberg faces serious charges of cutting corners to make AIG's financial might appear greater than reality, and in so doing ripping off shareholders who have lost nearly $50 billion in the value of their stock since Spitzer served the first subpoena. In Spitzer's suit, he alleges that AIG, through bogus transactions, inflated the reserves it keeps to pay claims by hundreds of millions of dollars; that Greenberg repeatedly directed AIG traders late in the day to buy AIG shares to prop up its price; and that...
...both parties question whether the NRC has done enough. Eight state attorneys general recently petitioned the NRC to require more security. The standard for protecting nuclear plants "remains essentially what it was in the 1970s," said one of their filings, sent to the NRC by New York's Eliot Spitzer. The NRC needs to bolster security at power plants "to reflect the realities of 2005, beginning with an immediate recognition of what we all learned on September...
...internal probe came in response to a separate investigation spearheaded by New York Attorney General Eliot Spitzer and the U.S. Securities and Exchange Commission. Last week, it was revealed that officials are also investigating whether Greenberg attempted to prop up AIG’s stock price in the weeks before his removal...