There is something unseemly about the face-off in U.S. DistrictCourt between Maurice "Hank" Greenberg and AIG over billions instock supposedly set aside as incentive compensation for employees.This is the final battle in an ugly divorce–one the indomitable Mr.G might not win.
It's amazing to see Mr. Greenbergon the witness stand, after he apparently dodged the bullet ininvestigations by Eliot Spitzer and the SEC, as well as aprosecution of AIG and General Reinsurance figures in Connecticutover the use of bogus finite reinsurance deals to cook AIG's booksand artificially prop up its balance sheet.
People went to jail for that white-collar crime–including GenRe's former CEO, Ron Ferguson. Prosecutors cited Mr. Greenberg asan unindicted co-conspirator, while the presiding judge said thegovernment's evidence was sufficient for a jury to conclude theconspiracy began with a phone call from Hank.
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