Excuse me for the short diary, and ritual sepuku for having done it, but hot off the wire and off the charts on the irony meter ex-AIG CEO Hank Greenberg has sued his old company which he left in 2005. According to his suit good old Hank is accusing his AIG of securities fraud by enticing him to exercise his generous options on fraudulently inflated stock.
Excuse me while I warm up the violins, but wasn't this gentleman mostly responsible for the horrible condition that AIG is in, and didn't the current AIG Titanic captain Edward Liddy just try and pin the blame for the inflated prices on good ole Hank. Poor Hank got defrauded
Update:
More of the story is hitting the wire, more about the suit from the man himself from Reuters.
Greenberg alleged that AIG's "material misrepresentations and omissions" caused him to acquire shares as part of deferred compensation plans at an inflated price.
He is seeking the difference between what he paid for the shares and what he said the shares would have been worth, if not for AIG's actions. Greenberg also seeks reimbursement of excess taxes he said he paid.
AIG did not immediately return a call seeking comment.
http://www.reuters.com/...
A couple of comments have noted that this suit may a good thing getting the ball rolling on the true fraud etc. behind this nightmare in which case I say go get em Hank.