Greenberg points at current AIG management

Former chief executive officer of American International Group Ltd. (AIG) Maurice “Hank” Greenberg recently claimed, through legal representation, that he questioned the misrepresentation of the Company’s net worth.
A white paper submitted to the Securities and Exchange Commission in representation of the former CEO. The paper has since, landed in the hands of the Associated Press, reveals that Greenberg did criticize AIG’s restatement of five-years if earnings. According to AP “(Greenberg) disagrees with many of the accounting changes made and believes that many of the changes are damaging to the interests of AIG and its stockholders.”
Greenberg’s comments represent his response to AIG’s 2004 annual report that represented the Company’s illegal financial misrepresentation including a restatement of earning from 2000 onward and a $2.26 billion reduction of the shareholders’ equity.
Greenberg says the new AIG management team and auditor, as well as PricewaterhouseCoopers, were involved in the scheming.<br>
According to the whitepaper, ‘AIG’s rush to concede wrongdoing may be explained in part by the current regulatory environment … but cannot be justified on that basis.”