Hank Greenberg, the venerated former CEO of the largest insurer AIG faces an accounting fraud charge asserting sham transactions a panel of state judges has ruled.
The original case was brought by the former New York Attorney General Eliot Spitzer and the case alleged that Mr. Greenberg “cooked the books” at AIG in order to make the company look stronger and to raise its stock values. The assertions lead the board to ask for Greenberg’s resignation 10 years ago. The charges have continued to lurk in the Courts where the wheels turn slowly.
Greenberg is nowthe CEO of Starr International, an insurance company with a stake in AIG.