An independent review committee yesterday said it found no basis for the accusation that Maurice Greenberg, former head of American International Group, cheated a charitable foundation out of millions of dollars.
In December 2005, Eliot Spitzer–while serving as New York's attorney general–had issued a report charging that Mr. Greenberg and other executives had enriched themselves at the expense of The Starr Foundation created by AIG's founder, Cornelius Vander Starr.
According to Mr. Spitzer–now the state's governor–Mr. Greenberg and the other executors had carried out their alleged activities by selling Starr Foundation assets at bargain-basement prices to companies they controlled after Mr. Starr's death in 1968.
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