Posted on 03/30/2005 2:31:09 PM PST by Liz
Warren Buffett didn't know how AIG's Hank Greenberg was going to use or misuse reinsurance products sold to the insurer in 2001.
The Oracle of Omaha, who is expected to be questioned by insurance regulators in two weeks about the deals with AIG, "was not briefed on how the transactions were to be structured," his company, Berkshire Hathaway, said yesterday.
Neither was Buffett, 74, briefed "on any improper use or purposes of the transactions"........
Greenberg and AIG are under fire from both federal and state regulators for the structure of several deals, including those with Buffett's General Reinsurance, that were no more than thinly veiled attempts to inflate reserves.
The pressure from the SEC and from Spitzer has crushed AIG stock recently and led to Greenberg's announcement at 10:49 p.m. Monday night that he would not stand for reelection as AIG chairman but would retire.
Two weeks earlier, Greenberg was forced to resign as CEO, a position he held for nearly 40 years.
Separately, AIG said it stepped up security at its Bermuda-based American International Co. in a memo prohibiting destruction of documents or removal of files.
Greenberg joins his son, Jeffrey Greenberg, who was forced out by Spitzer as CEO of insurance broker Marsh & McLennan in October.
Spitzer yesterday commended the AIG board for its actions, which he called "wise."
"[It] has moved quickly to address problems uncovered by an investigation by my office and the SEC," Spitzer said in a statement. "The board brought in outside counsel to investigate wrongdoing, and is cooperating fully with regulators. The board has made difficult decisions, including major personnel changes."
Spitzer said without the elder Greenberg atop the giant insurer, the months-long probe is now "on a path toward resolution."
Shares of AIG were up $1.18, or 2.07 percent, to $58.20.
(Excerpt) Read more at nypost.com ...
Hay, ol man, I bee's purdy ignurunt, but I still don't no whut the heck yura tawlkin 'bout! Hev yew loused yer friggen mind???
I hain't written a ledder ta my danged buffer since it got away frum me in the hallway and started whippin around an around an broke holes in the walls with the handle!!! I put me in da horsepital and I wrote it a ledder frum dere... whadaya think 'bout dat???
Sorry about that....I am complaining about the system not showing my comment after I post it, only reason that I can think of is IT is waiting for more comments so that IT can minimize reads and writes on the disk drives....it is a classic compute technique...used to increase performance....here it leads to double posts.
ROFL!
I was using the word buffer
in the classic usage we have relative to computers....
I know... I wuz just bein silly!!!
Please forgive me..
Your forgiven... unless yer bein smug! Actually, I'd be buffer illiterate except I worked during High School as a janitor and was forced into complete floor buffer immersion!!!
To amplify, Chrichton's book hits some VERY important issues, as usual with him, but this time his usage of fact is more prolific and cutting than ever.
Crichton is a brilliant man of so many diverse talents---physician, novelist, movie producer----"Coma" was his directorial debut, I believe. He also wrote the screenplay from his novel for "Jurassic Park"....among so many accomplishments.
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