Maurice "Hank" Greenberg, the former American International Group Inc. chief executive officer, lambasted the New York State attorney general's office after admitting that he approved two fraudulent reinsurance deals more than a decade ago.

"AIG is a shadow of what it was, people lost millions of dollars, billions of dollars. Pension funds, the same thing. For what?" Greenberg said Friday in a phone interview. "So I can pay $9 million?"

Faulty risk-transfer contracts

Greenberg, 91, built AIG into the world's largest insurer until stepping down in 2005 amid a probe by then-Attorney General Eliot Spitzer into faulty risk-transfer contracts. The company agreed the next year to pay about $1.6 billion in a settlement with Spitzer and the U.S. Securities and Exchange Commission.

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