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 Spitzer Says Greenberg Cheated a Charity (zt) If this is true, Mr. Starr was asking |
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ceo/cfo
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作者：ceo/cfo 在 海归商务 发贴, 来自【海归网】 http://www.haiguinet.com
黄鼠狼看鸡窝。坏了坏了地！！！
New York Attorney General Eliot Spitzer unveiled a report accusing American International Group's ousted chairman, Maurice R. "Hank" Greenberg, and other former AIG executives of cheating the charitable foundation Mr. Greenberg controls in three transactions made three decades ago. The 26-page report －－ sent to the Starr Foundation, a New York charity affiliated with AIG －－ asserts that Mr. Greenberg improperly benefited from "self dealing" in handling the estate of Cornelius Vander Starr, AIG's founder, depriving the Starr Foundation of assets that "would now be worth more than $6 billion," The Wall Street Journal says. The Starr Foundation is one of the largest charitable organizations in the nation, with $3.5 billion in assets. The report, part of Mr. Spitzer's lawsuit against Mr. Greenberg, contends that he and other AIG executives violated the will of Mr. Starr and defrauded the foundation he created, the New York Times explains.
The questionable transactions took place more than 35 years ago as the far-flung insurance operations built by Mr. Starr starting in 1919 were being melded into AIG, the report said. After Mr. Starr died in 1968, Mr. Greenberg and his colleagues, as executors of his estate, benefited by selling assets at fire-sale prices to companies they controlled, the report stated. Almost immediately, the report said, these executives turned around and sold the assets at far higher prices to AIG, which then set some of them aside for use as a compensation pool for the company's executives. Because those shares ultimately amounted to 12% of AIG's outstanding stock, Mr. Greenberg was able to cement his control of the company. According to the report, Mr. Greenberg and his associates cheated the Starr Foundation, set up by Mr. Starr to benefit educational and cultural institutions, by selling assets that were worth more than $30 million for just $2 million.
Separately, the National Community Reinvestment Coalition filed a complaint yesterday with the Department of Housing and Urban Development against AIG and three lending subsidiaries, alleging their underwriting policies effectively discriminated against parts of the Baltimore area, American Banker reports. The complaint alleges that AIG and its American General units instituted a discriminatory policy of denying home-equity loans to applicants whose homes were valued at less than $70,000. The policy "has both the purpose and effect of discriminating against African Americans and residents of African-American neighborhoods, where the majority of homes are valued at under $70,000," the complaint says. Joe Norton, a spokesman for AIG, said the company had not seen the complaint but that its lending arm "does rigorously adhere to both the letter and the spirit of all fair-lending laws."
作者：ceo/cfo 在 海归商务 发贴, 来自【海归网】 http://www.haiguinet.com
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 Spitzer Says Greenberg Cheated a Charity (zt) If this is true, Mr. Starr was asking -- ceo/cfo - (2825 Byte) 2005-12-16 周五, 02:00 (795 reads)
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