Maurice Raymond Hank Greenberg started his career within the American International Group company back in 1962 as the head of North American holdings. Six years later, he was appointed as the new Chief Executive Officer of the multinational insurance corporation. He guided the company until 2005 when he was forced to leave his position due to a major scandal. The cause of the scandal degenerated into a fraud case that lasted for 12 years. After all this time, the former AIG leader has finally settled.
On Monday, Hank Greenberg held a press conference in New York City during which he wanted to make some things clear once and for all. He stated that although the fraud case has finally reached its ending after a period of debate of over 12 years, this doesn’t prove that he is guilty. During the lawsuit with the New York Attorney General’s Office, Hank Greenberg never admitted that he had done anything illegal as the CEO of AIG.
The press conference was summoned as a result of previous news articles that appeared without Greenberg’s statement. The media published them on Friday which wasn’t as the Greenberg party expected. They were waiting for the official announcement at the court before it hit the papers. The lawyer for the defendant, David Boies, was taken by surprise when he saw that the ruling was made public beforehand. As a consequence, the newspapers gave ungrounded details about the fraud case. According to them, Hank Greenberg admitted that he played an important role for two fraudulent transactions.
The Monday press conference wanted to explain the $9 million settlement Greenberg has to pay to the state. The former CEO of AIG expects apologies from Eric Schneiderman, the New York Attorney General. This is because he was the one who linked the settlement to an act of admission of Greenberg that he resorted to fraud during his professional career. Boies stated that the official statement of the settlement has no word related to fraud in it.
On the other hand, the spokesman for Eric Schneiderman, Eric Soufer, assumed a firm position. Contrary to what Greenberg affirms, the New York Attorney General is convinced that the former CEO took part in two fraudulent cases.
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