American International Group, my favorite benefactor of my generosity, has "settled" with Greenberg and Howard Smith, who vastly overstated AIG's earnings.
Late Wednesday November 26, just before the Thanksgiving Holiday, Hank and Howard were guaranteed up to $150 Million in legal fees and expenses.
The $150 million is nothing compared to the $180 Billion we put up to save AIG in 2008, when the Fed. and Treasury opened their coffers in exchange for worthless mtge securities.
Remember Paulson? $85 Billion to AIG. $13 Billion went to Goldman Sachs.
And Greenberg?
Under the terms of the agreement, AIG will also return a Persian rug from the company's headquarters to Mr. Greenberg, as well as photographs of Mr. Greenberg with Chinese leaders in AIG's Shanghai building. Mr. Greenberg will also have access to AIG's archives to write his memoirs.
Memoirs? Bloody Hell!
Don Bauder
Report on Business