increase figures were holy for AIG
NEW YORK (DUTCH PRESS AGENCY) - the fraud at the American
verzekeringsconcern American international Group (AIG) keep the matter
world already months in its seizure. The largest insurer in the
world, who was conducted decades long top man Maurice
’Hank’ Greenberg, have changed to speelbal of
federal research workers, grant authorities and lawyers. Sunday
was confessed that the fraud has been thought larger than and that the
Executive Board has been there direct at concerned.
AIG have arisen from a company which was established in Shanghai
in 1919. later it the insurance would look after for the American army
in the postwar Japan. The company, represented in approximately
130 countries, offers products such as lives -, damage - and Medical
Insurances. Also the venture is active at companies - and
reinsurances. Furthermore AIG occupy themselves with mortgages,
leaseproducten, pension supplies and loans. There work has
approximately 90,000 people and the company worldwide around the 50
millions customers.
The problems for AIG started in October 2004. public the
indicter of the state New York, Eliot Spitzer, accused the insurance
industry of widespread corruption and fraud. AIG were the
companies called of. Some days later drew Greenbergs zoon
Jeffrey are conclusions and resigned as a top man of insurance broker
Marsh & McLennan. Greenberg themselves gave short
afterwards that matter had gone found oneself at AIG. He hoped
damage limits to keep by saying that only two employees involved in
the fraud were. These names arranged dismissal and AIG with the
authorities.
Spitzer took however no pleasure. On 14 February AIG
received twelve intimations of Spitzer and the grant watching dogs
SEC. The authorities were especially geïnteresseerd in
operations between AIG and the reinsurer General re, component of
Berkshire Hathaway of the superbelegger warren Buffett.
According to the research workers AIG used the operations with
General re in 2000, and 2001, to complete its own reserves with
hundreds of millions dollars. This was at that moment hard
necessary because investors had doubts concerning the reserves of AIG.
The concern confessed be short time later guilty to the fraud.
As from that moment misery started just real. Under
immense of the Council of governing board top man Greenberg was very
forced go away. He had stood almost forty years to the head at
AIG and was in large degree responsible for the strong increase of the
company, especially in Azië.
Greenberg stood confessed as a ijzervreter that increase of the
company as absolute top priority had. A icoon in the world of
insurance had fallen of its voetstuk and the grant value of the
company plummeted within limited time with 58 billion dollar or
largely a quarter up to approximately 139 billion dollar.
Humiliation became completely then the credit appraisal office
Standard & Poor’s AIG for the first time in 22 years
’aaa-rating’, the highest kredietwaardigheid, took
away.
An internal research of AIG had expose the complete scope of the
fraud. From that appeared that in the previous years indeed
fallen of fraud have taken place. It went thereby among others
illegal operations with companies which proved be allied to AIG, such
as Union Excess Reinsurance, profit charges for obligation sales which
had not taken place and could not still much more that endure the
daglicht. Spitzer and research workers of the grant watching
dogs SEC reached the sum of approximately sixty fallen of book keeping
fraud and frauduleuze operations.
Beginning April had appear Greenberg on the office of Spitzer
under ede explanation to come give concerning its role at the fraud.
The 79 person whose birthday it is called itself however on its
right to remain silent. A day for that the billion air Buffett
acted as a witness in the study into the accounting malversaties at
AIG. Buffett said have hardly been of the operations with AIG.
Later he supported Greenberg by praising him for the powerful
and successful company which he had built.
The influence of Greenberg at the insurer might not will easily
be break. He gave days for its resign 41.4 to its woman three
million shares for the value of 2.2 billion dollar or 1.7 percent of
the share capital of AIG.
Also he is President of the schimmige houdstermaatschappij Starr
international (SICO). SICO have 12 per cent of the shares of
AIG. With its own share parcel Greenberg seized on a
considerable share parcel of AIG and can he gives that therefore
influence continue exert.
AIG would announce its annual report over 2004 in fact on Monday
2 May, but had this a day previously postpone because nevertheless
problems had appeared. Also it made that day confessed that by
the fraud 2.7 billion dollar had be entered up on its own capacity
instead of the earlier estimate of 1.7 billion. The company let
tevens know that the profit figures will be again calculated as from
2000 to correct book keeping error.
Most striking in the declaration of AIG was the sense cut that
"certain people in highest management were able internal get round
controls". "Onterechte charges were done on instigatie of
members of the highest echelon without the necessary support."
That involves direct involvement of among others Greenberg and
former financially top man Howard Smith at the fraud.
Strange beleggers were enough glad with the bad news and the
openness of AIG. The proportion of AIG won Monday wide 5
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Source "increase figures was holy for AIG": telegraph
Head index page of "increase figures was holy for AIG"
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