A number of powerful players took a huge fall from grace this past year, while one iconic figure staged a major comeback in the midst of the financial meltdown that almost destroyed the biggest insurance titan of all–American International Group.
In late February, five former top executives with General Reinsurance and AIG were found guilty of 16 federal charges in a scheme to use a bogus finite reinsurance deal to help AIG falsely boost its financial standing. The biggest fish caught was Ronald Ferguson, Gen Re's former CEO.
The other four defendants were Christopher Garand, a former Gen Re senior vice president; Robert Graham, Gen Re's former senior vice president and counsel; Elizabeth Monrad, Gen Re's former chief financial officer; and Christian Milton, former AIG vice president for reinsurance.
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