New Spitzer scalp as AIG boss quits

[emad]

March 20, 2005
Sunday Times



HEADS are rolling in corporate America. In the last month Hewlett-Packard’s Carly Fiorina, top management at mortgage giant Fannie Mae, Boeing chief Harry Stonecipher and Michael Eisner at Walt Disney have all left their jobs, chased out by shareholders and directors.

Last week the chorus of critics claimed the biggest head so far — Maurice Greenberg. Over a 40-year career the 79-year-old D-Day veteran had built American International Group (AIG) into the world’s largest insurer.

Greenberg, who has shunned talk of succession for years, left last week after lengthy and heated discussions with AIG directors keen to head off a confrontation with the Securities and Exchange Commission (SEC) and Eliot Spitzer, the New York attorney-general.

Greenberg and AIG have been under scrutiny over a number of issues, including a probe into bid-rigging by insurance brokers and the sale and possible use of earnings-manipulation techniques.

http://www.timesonline.co.uk/newspaper/0,,176-1532716,00.html

Damn fine successor to Bob Morgenthau!

[kanrok]

1. See ya later Maurice!

Another one bites the dust. It's amazing to me. Greenberg was a major proponent of tort "reform"... whoulda thunk that ole' Maurice was just another major part of the problem? Bid rigging insurance policies. Go figure.

[Pithy Cherub]

2. Go Future Governor Spitzer of New York!

What is going to happen when he is no longer NY's AG? His protection of the people is a beautiful thing to behold.

[Auntie Bush]

4. What a great Governor Spitzer will make.

Down with George and up with Elliot. He'll bring honesty and morality to government and business. He'll scare the shit out of everyone. You can bet big business is going to pump more money into the GOP than usual.

[Pithy Cherub]

5. Good thing Elliot

is independently wealthy, but will need all of our help. The margin of Spitzer's victory will be highly important since there has not been a Dem in the office since Cuomo. Republicans are feeling the heat and will sink a lot of mula into this one that won't be able to go elsewhere...;)

[Renew Deal]

3. Another corporate crook bites it

:thumbsup:

[alcibiades_mystery]

6. Spitzer is a "job killer"

Or so says the kooky little NY State GOP head.

Well, yeah. If you are a corrupt sonovabitch who hurts people globally, you're gonna lose your fucking job. Natch.

Spitzer scores.

[Gyre]

7. Power to the People!

There's alot of rage out there for a multiplicity of offenses against the citizens of this country over the last 4 years. Wait for Ken Lay's trial to get "accidentally" effed up by the designated prosecutor. These bastards better watch their backs.

Gyre

[Octafish]

8. Greenberg's longtime BFEE turd.

When Bush opened up shop in China, AIG was there, the first foreign co allowed to sell insurance. Nice racket.

BTW: Agree with your assesment of Spitzer. Morgenthau's a hard act to follow, like his pa.