Word: spitzers
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Dates: during 2000-2009
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...researchers obtained the results from the two-year-old Spitzer Space Telescope, which observes infrared wavelengths...
...prickly side of "Hank" Greenberg helped bring his reign to an end last week. Faced with continuing probes by the Securities and Exchange Commission (SEC) and New York attorney general Eliot Spitzer, the AIG board thought it best to stop antagonizing regulators and pushed Greenberg, who will turn 80 in May, to resign. Otherwise he might have survived the mess, which centers on a deal that AIG cut with General Re, a company that insures insurers. Investigators say AIG bought insurance from Gen Re and accounted for it in a way that overstated revenue...
That's not to say there's nothing wrong with what AIG is alleged to have done. "Jiggling the numbers may have become commonplace, but that doesn't mean it's legal," Spitzer says. And if Greenberg misled investors intentionally, it would be fraud. But most believe he was swallowed by the shifting sand. Ethical lapses that regulators all but ignored yesterday now get their full attention--which should give executives everywhere pause. Even squeaky-clean Warren Buffett, whose Berkshire Hathaway owns Gen Re, has been sullied. Buffett is not under investigation, but TIME has learned he will be interviewed...
Following Spitzer's playbook, the SEC intends to launch more probes of suspicious practices even if they are widely used and have "no clear road map to wrongdoing," Stephen Cutler, head of the enforcement division, has said. Next up may be radio, where Spitzer is looking into kickbacks for airtime. Greenberg, meanwhile, is still worth $3.2 billion, according to Forbes, and for now remains at AIG as chairman. But "the most powerful executive in the history of insurance is no longer CEO of his company," says analyst Andrew Kligerman at UBS. "That sends a very clear message." "Everybody does...
...took yet another case to the office of New York attorney general Eliot Spitzer, who was in the midst of a spree of high-profile fraud prosecutions. Spitzer's experts contacted the FBI, and after Minkow agreed to wear a wire and record phone conversations with the purported scam artists as they solicited new money, the agency verified that the suspects were using an offshore shell company to bilk hundreds of millions of dollars from investors by pledging annual profits of more than 38% and an eight-year rate of return in excess of 1,000%. TIME has confirmed that...