Word: starrs
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Dates: during 2000-2009
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...That seems to be the multibillion-dollar question in an ongoing court battle that pits Greenberg and his firm Starr International against his former employer AIG. The deeply troubled insurance giant claims Greenberg, through Starr International, improperly gained control of hundreds of millions of shares of AIG stock when he was booted from the company in 2005. (See 25 people to blame for the financial crisis...
...trial that started on June 15 in U.S. District Court in New York, AIG contends that the shares as well as over $4 billion in profits that Starr International has reaped from past AIG stock sales were meant to fund a long-standing deferred-compensation program for AIG employees - a program that Greenberg, 84, halted after his acrimonious ouster from AIG amid an accounting scandal...
...Starr disputes that, saying the beneficiary of the shares was always a charitable trust and that the company, which has Greenberg as its chairman, can use the stock as it pleases...
...Although the outcome of the case will likely hinge on interpretations of legal agreements signed years ago, Greenberg's credibility was on trial on June 16, when the former AIG chief executive took the stand. AIG's lead attorney, Ted Wells, said that Greenberg and other members of Starr's board of directors had broken an agreement not to sell their AIG shares. (Read "How AIG Became Too Big to Fail...
...meant to be used to benefit employees. "You stated to the participants that the stock was being preserved for future AIG employees," Wells said to Greenberg. "Was it just a coincidence that you said that again and again?" Wells pointed to a "Statement of Commitment" that Greenberg and other Starr directors signed in 1992 pledging that Starr would maintain its investment in AIG despite "unforeseeable" changes in the future...