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Greenberg resigns from AIG


June 9, 2005   by Canadian Underwriter


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Former CEO of American Insurance Group (AIG) Maurice “Hank” Greenberg recently resigned from the Company’s board of directors.
Citing scant access to AIG’s company information and its operations as the motivation behind his decision to resign, Greenberg has now cut his ties to the Company after already stepping down as chairman and chief executive last March when NY Attorney General Eliot Spitzer initiated his investigations into AIG.
Greenberg claimed in his letter of resignation, that a lack of communication about the status of the Company resulted in his inability to properly fulfill his fiduciary duties.
Despite current legal controversy surrounding the civil lawsuit against the Company regarding its accounting scheme to “enhance” its financial appearance, early trading shows AIG’s shares rose 28 to approximately $55.23. The Company’s recently filed 2004 annual report exhibits a decrease in income of around $4 billion, this reflects a restatement of five years earnings, which cuts AIG’s net worth by $2.26 million (2.7%).


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