The long disgusting story of AIG and its corrupt management reached a new high or low today, depending on your point of view, with the admission of fraud by Hank Greenburg and an agreed upon fine of 15 million dollars.
When the screamers come to Democratic officials open houses, just start a counter chant of Fifteen Million, Fifteen Million, Fifteen Million!
Make the MSM have to explain that it refers to the corrupt insurance industry.
The full story is outlined here, and in many other papers, but the Financial Times is considered the world paper of record of the business community so here is the summary and link.
Greenberg pays $15m in SEC settlement
By Brooke Masters and Francesco Guerrera in New York
Published: August 6 2009 19:02 | Last updated: August 6 2009 19:02
Hank Greenberg, the former chairman of American International Group, on Thursday agreed to pay $15m to settle the US Securities and Exchange Commission’s investigation into his role in accounting fraud at the company from 2000 to 2005.
The settlement focuses on Mr Greenberg’s alleged involvement in "numerous improper accounting transactions" that inflated AIG’s results. The SEC said these included sham transactions with General Re, the reinsurance company, use of an offshore entity to conceal auto insurance losses and shifting money around to report investment gains.
. . . . . .
The case comes in a week in which a newly aggressive SEC has agreed settlements with General Electric over accounting fraud and Bank of America over the failure to disclose during its merger with Merrill Lynch that bonuses would be paid to Merrill bankers.
"Corporate leaders cannot avoid the truth and consequences of their companies’ performance by using improper accounting gimmicks and signing off on distorted financial reports," said Robert Khuzami, SEC enforcement director.
http://www.ft.com/...
see my old diary with more sources:
http://www.dailykos.com/...
It will be fascinating to see if the MSM provide any coverage of the admission by the largest of the world insurance companies of how they looted the taxpayers of the US and that was before they got the bailout money.
So, go to the Democratic Health Care open houses and shout down the wing nuts with real facts----the top insurance dog admits he was a crook and admitted it to the tune of $15 Million----not much to him, but real money for all but the biggest of the Wall Street "Gecko"s.