Word: wellses
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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...
Wells told the court that Greenberg in the past has acknowledged in AIG financial filings, speeches and other documents that the stock was 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...
The most heated part of the testimony came when Wells asked Greenberg whether losing his job justified breaking that oath, implying that he had done so as revenge for his dismissal from AIG after serving as its chief executive for 38 years. "The fact that you lost your job was...
During the trial, Wells, the AIG lawyer, played a video of a speech Greenberg made in 1996 to top AIG executives who had received shares through Starr's compensation plan. Wells asked Greenberg to raise his hand at the point when, during his videotaped explanation of the program, he stated...
But like any class on presentation day, there will be some sweaty palms. Bank of America and Wells Fargo say they have raised enough money to satisfy regulators, but they only detail a portion of their efforts. The Federal Deposit Insurance Corp., which also gets to weigh in on whether...