AIG was run by Maurice “Hank” Greenberg. He was ousted as CEO in 2005 by the board of directors after the New York Attorney General charged him with fraudulent business practices, securities fraud and other violations.
These charges did not mention a captive insurance scam that Greenberg, famous as a hands-on manager, would have been involved in approving. AIG took inflated fees from customers, set up reinsurance companies for them in Bermuda, and bought reinsurance from them, effectively giving their clients tax-free cash in that offshore island.
Would Greenberg have known that his company was writing such a tax-evading policy for the likes of Victor Posner, a notorious crook who was banned from public companies by the Securities and Exchange Commission (SEC) in 1988? Very likely.
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Read More: Business Mirror
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