Published On: Thu, Jul 31st, 2014

Maurice Greenberg and Elliot Spitzer Continue to Wrangle Over AIG

Silda Wall Spitzer hosts The Art of Giving Benefit Gala

 

The war between ex-AIG chief Maurice Greenberg and former NY Attorney General, Elliot Spitzer, wages on. Although many of Greenberg’s claims in the 89 year old’s defamation suit have been thrown out, Greenberg still insists on bringing Spitzer to justice for saying that the AIG chief made fraudulent claims about the company’s financial health to save face.

The state claims that Greenberg and CFO Howard Smith made illegal transactions with the General Reinsurance Corp. in 2000 and 2001 that inflated AIG’s value by $500 million. The trial is scheduled for January 15, 2015.

Maurice Greenberg stepped down from his position at AIG in 2005 around the time that allegations arose that the said transactions were improper. While AIG shelled out the $1.6 billion to settle claims with regulators, Spitzer sued Greenberg and Smith in 2005. While he and Smith settled claims, he said the suit was fraudulent, and held Spitzer responsible.

Greenberg claims that Spitzer sought to elevate his own reputation while denigrating his own, and he has denied any wrongdoing. While many of Greenberg’s statements have been dismissed by the court, the former AIG chief will not be deterred.

 

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