AIG's ex-CEO had private jet fly stock to Bermuda

Source: Reuters

18 Jun 2009, 0555 hrs IST, REUTERS

NEW YORK: The former head of ailing US insurance giant AIG told a court on Wednesday that he had a private jet fly a large block of the company's stock to Bermuda from New York to prevent AIG from seizing it. "It was a reaction to the entire environment that was emerging between AIG and Starr International," Maurice "Hank" Greenberg told US District Judge Jed Rakoff. "It was starting to get very ugly."

A key witness in the dispute between Starr International and American International Group, Greenberg appeared peevish under questioning by the lawyer for his former company, Ted Wells. Greenberg also admitted to being "angry" at suddenly losing his job at the company that he had built into the world's largest insurer.

"Yes. It was sudden and abrupt....Yes I was angry," he told Wells when asked about his ouster. AIG is suing Starr International for $4.3 billion in damages representing the sale of millions of AIG shares since Greenberg left the insurer and the return of more than 185 million AIG shares that Starr International controls. AIG accuses Greenberg, chairman of the privately held, Bermuda-based Starr, of illegally taking the stock, worth at one point at least $20 billion, in 2005.

AIG contends the shares were pledged to fund a deferred compensation plan for selected employees. Starr disputes that saying the beneficiary of the shares was always a charitable trust. Wells told Judge Rakoff that a private jet was flown from Bermuda to New York in late September 2005 so that Starr representatives, accompanied by bodyguards, could transfer the shares to accounts in Bermuda.


Read more: http://economictimes.indiatimes.com/LATEST-NEWS/AIGs-ex-CEO-had-private-jet-fly-stock-to-Bermuda/articleshow/4669572.cms

and this ex-employee isn't being stung up by his obviously over-sized balls because?

Then we'd just shoot him and be done with it. He'd be taking away some white store owner's God-given right to pretend it was looted, then sell it on ebay and collect the insurance money.

As it is, this guy has only taken what? Millions? Billions?

(Just to make sure -- sarcasm sign fully lit)

I'm constantly and unfortunately reminded of this Eddie Murphy skit from SNL -- (WARNING: There are ads with almost-nudity that may be NSFW around this clip) http://mojoflix.com/Video/White-Eddie-Murphy.html)

John & Kate plus 8

The Octo slut

and Brittney's Beaver shot

(Not necessarily in that order)

The only people covered by fund were executive and other highly paid employees. The people that are making too much money compared to the normal employee. I'd be more concerned if it it was something that was supposed to benefit all the employees, but it's a case of overprivedged execs feeding on their own.

Who ARE the "selected employees"?

so when does the FBI and the IRS and RICO and lots of other alphabet soup orgs get involved?

Oh, that's right! These were the "smart guys" in the room! The ones that have looted the stuppppiiiidd little taxpayers of more than

$185 Billion in Bailouts!

Taxes are for the little people.

The harder they fail.

The Titanic was once thought to be, "too big to fail"...

I predict another Kenny Boy class departure.

and nothing seems to change in corporate America.

:grr:

Must be nice to have no accountability for anything to anyone, ever. There seems to be a lot of that going around in America lately.

and deferred compensation in privately held shell companies that are separate and protected when the companies they looted for their own benefit go down for the count into bankruptcy. Rank and file employees lose their retirements, pensions, etc. but the big boys are always taken care of.

If I were Queen of the Universe, with one stroke of my pen, I would make these special entity cookie jars illegal and require that executive compensations, retirements, etc. must come from the same general funding as all employees and that all existing such entities be dissolved and the funds returned to their PUBLICLY HELD COMPANY AND SHAREHOLDERS AND CREDITORS.

Again, why these shenanigans can't just be called for what they appear to be to me, I'll never know: fraud, conversion, theft, embezzlement, etc.etc.etc. But, what do I know? Aside from too big to fail, we also have too big to prosecute.

more people in their company get money.

I like the Greenberg is being exposed as the criminal he is, but does anyone really want AIG being AWARDED more $$$$$?

than being sucessfully held as the cookie jar for a very few. AIG can pay beck some of their bailout with that money.

and I doubt the stock is worth more than $1.45

so that ought to keep the creep out of the country.