On November 27, 2009
Latest AIG ‘Bailout’ Benefits Hank Greenberg
Former American International Group CEO Hank Greenberg says that he’s no longer a billionaire, but stop before you take up a collection for him. The latest decision by AIG should make life better for Hank, but worse for taxpayers. After fighting a prolonged losing court battle with its feisty former boss, AIG agreed to settle and pay up to $150 million in legal fees and expenses for Greenberg and former AIG CFO Howard Smith, who left the insurer when Greenberg was ousted in 2005 and, at last report, still works with him at Greenberg owned-companies. Taxpayers, who own 80 percent of AIG, should be used to paying the freight for AIG’s mistakes. First there was the infamous $182 billion bailout that kept the…
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