HARTFORD, CONN.--Former American International Group Chairman Maurice Greenberg pressed for action on a suspect reinsurance transaction with a barrage of telephone calls to the head of General Reinsurance at the time, according to one participant in the deal.
Mr. Greenberg's actions related to an alleged sham transaction that prosecutors say falsely inflated AIG loss reserves by $500 million, and were discussed on a tape that was played here today for a federal jury. The panel is hearing the case of five insurance executives accused of securities fraud.
When the 2000-2001 accounting came under investigation in 2004, Mr. Greenberg, then AIG chairman and chief executive, was forced from his post. He is an unindicted co-conspirator in the case.
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