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General Re exec pleads guilty in AIG -transaction
marketwatch.com, WSJ ^ | 06/06/05 | Carolyn Pritchard

Posted on 06/06/2005 11:08:22 AM PDT by Grampa Dave

http://www.marketwatch.com/news/newsfinder/pulseone.asp?siteid=mktw&guid={064C1C55-5EA9-4481-9D20-8E9F19AB420B}&dist=bnb

11:46am 06/06/05

General Re exec pleads guilty in AIG -transaction - WSJ (BRK.B, BRK.A) By Carolyn Pritchard

SAN FRANCISCO (MarketWatch) --

An executive at Berkshire Hathaway Inc.'s (BRK.B) (BRK.A) General Re unit has pleaded guilty to a charge of criminal conspiracy in relation to the company's transaction with American International Group Inc. (AIG) , the Wall Street Journal reported on its Web site Monday, citing two unnamed people familiar with the matter.

John Houldsworth, who headed up General Re's reinsurance unit in Dublin, reportedly faces up to five years in prison for his role in a 2001 transaction between insurance giant AIG and General Re. He has pleaded guilty to helping AIG mislead shareholders and auditors with the transaction, according to the Journal, which improperly boosted AIG's reserves by $500 million.

Houldsworth will cooperate with the Justice Department and the Securities and Exchange Commission in their investigation into nontraditional insurance products, the Journal reported.

The Justice Department will file a criminal complaint in the Eastern District of Virginia and the SEC will file a civil complaint in the Southern District of Manhattan later today, the Journal reported, citing an unnamed familiar with the matter.


TOPICS: Business/Economy; Crime/Corruption; Extended News; News/Current Events
KEYWORDS: aig; berkshirehathaway; buffet
It appears that John Houldsworth will roll over on some his buddies.

Wonder how the Whoreacol of Omaha feels about this?

Was the Whoreaco of Omaha still shorting the $ and buying long on the Euro when that fell through.

1 posted on 06/06/2005 11:08:23 AM PDT by Grampa Dave
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To: general_re

Say it ain't so!


2 posted on 06/06/2005 11:09:08 AM PDT by Tijeras_Slim (Now that taglines are cool, I refuse to have one.)
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To: Liz; SierraWasp; tubebender; Ernest_at_the_Beach; Southack

Fyi.

This will become very interesting.


3 posted on 06/06/2005 11:09:30 AM PDT by Grampa Dave (The MSM has been a WMD, Weapon of Mass Disinformation for the Rats for at least 5 decades.)
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To: Tijeras_Slim; general_re

Crap. Missed it by *that* much.


4 posted on 06/06/2005 11:09:39 AM PDT by Constitution Day (It's hard to get an answer when you haven't got a clue)
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To: Grampa Dave

Just a matter of time, Warren Buffet, before you get hit, ole boy!


5 posted on 06/06/2005 11:10:40 AM PDT by lilylangtree (Veni, Vidi, Vici)
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To: Constitution Day

6 posted on 06/06/2005 11:11:13 AM PDT by Tijeras_Slim (Now that taglines are cool, I refuse to have one.)
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To: Tijeras_Slim

LOL!!


7 posted on 06/06/2005 11:12:17 AM PDT by Constitution Day (It's hard to get an answer when you haven't got a clue)
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To: Tijeras_Slim; Constitution Day

:^)

8 posted on 06/06/2005 11:12:50 AM PDT by general_re ("Frantic orthodoxy is never rooted in faith, but in doubt." - Reinhold Niebuhr)
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To: Grampa Dave

wow - first Buffett totally caught lying his head off about what he'd do with the dividends from his stocks (took the tax cut anyway) and now this total corruption at Berkshire Hathaway.


9 posted on 06/06/2005 11:22:43 AM PDT by Steven W.
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To: lilylangtree

A friend who is right more than wrong re his predictions of the financial world, predicted that the Whoreacol of Omaha will retire in the next year.


10 posted on 06/06/2005 11:22:48 AM PDT by Grampa Dave (The MSM has been a WMD, Weapon of Mass Disinformation for the Rats for at least 5 decades.)
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To: Constitution Day

It was just a small spreadsheet error that can happen to anyone.

I wonder if Arthur Andersen was the audiot for General Re and Bershire at when that little error happened.


11 posted on 06/06/2005 11:23:59 AM PDT by Grampa Dave (The MSM has been a WMD, Weapon of Mass Disinformation for the Rats for at least 5 decades.)
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To: Steven W.; Liz; Southack; SierraWasp

When Arnold mentioned that he was considering Buffet as his financial advisor shortly after Arnold was elected, Arnold got deluged with emails from many us telling him to back away.

Buffet is becoming the poster boy for what happens to a company where the CEO is more interested in advancing the lib agenda and hurting GW than running his company properly.


12 posted on 06/06/2005 11:27:17 AM PDT by Grampa Dave (The MSM has been a WMD, Weapon of Mass Disinformation for the Rats for at least 5 decades.)
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To: general_re

13 posted on 06/06/2005 11:30:08 AM PDT by Constitution Day (It's hard to get an answer when you haven't got a clue)
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To: Grampa Dave

*** Charlie Munger: "The present era has no comparable reference in the past history of capitalism. We have a higher percentage of the intelligensia engaged in buying and selling pieces of paper and promoting trading activity than in any past era. A lot of what I see now reminds me of Sodom and Gomorrah."

We didn't know Charlie was that old.


14 posted on 06/06/2005 11:59:05 AM PDT by BurbankKarl
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To: BurbankKarl

*** Charlie Munger: "The present era has no comparable reference in the past history of capitalism. We have a higher percentage of the intelligensia engaged in buying and selling pieces of paper and promoting trading activity than in any past era. A lot of what I see now reminds me of Sodom and Gomorrah."

"We didn't know Charlie was that old." Best Laugh of the day! Thanks.


15 posted on 06/06/2005 12:00:28 PM PDT by Grampa Dave (The MSM has been a WMD, Weapon of Mass Disinformation for the Rats for at least 5 decades.)
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To: Grampa Dave
EXCERPT: PROBE-FIRM LAWYERS FILL SPITZER'S COFFERS

By KENNETH LOVETT April 11, 2005

ALBANY — State Attorney General Eliot Spitzer has received thousands of dollars in campaign donations from lawyers at a prominent Manhattan law firm hired by AIG — even as the insurance giant is under investigation by Spitzer's office.........Between late November and mid-January, Spitzer received $18,500 from 16 different attorneys from the law firm of Paul, Weiss, Rifkind, Wharton & Garrison, where the attorney general once worked as an associate....The Paul Weiss firm is representing AIG during a joint investigation by Spitzer, the Securities and Exchange Commission, the Justice Department and the state Insurance Department into how AIG conducted business. Meanwhile, Spitzer told ABC's "This Week" yesterday that he believes that billionaire investor Warren Buffett, due to speak with regulators today, could "shed light" on transactions involving AIG's former chief executive.

http://www.nypost.com/news/regionalnews/42561.htm

16 posted on 06/06/2005 1:41:07 PM PDT by Liz (A society of sheep must, in time, beget a government of wolves. Bertrand de Jouvenal)
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To: Grampa Dave

Posted this to you weeks ago....perhaps others might want the info:

HANK GAVE WIFE $2.2B IN AIG


April 13, 2005 -- Maurice "Hank" Greenberg, ousted from American International Group Inc. amid an accounting probe, transferred $2.2 billion of AIG shares to his wife's name four days before he stepped down as chief executive last month.

The gift of 41.4 million shares represents most of Greenberg's stake in the company, according to a filing yesterday with the Securities and Exchange Commission. Greenberg made the transfer to Corinne P. Greenberg on March 11, the filing said.

Greenberg, 79, may be seeking to shield his wealth from lawsuits that may come from the accounting investigation, said former federal prosecutor Christopher Bebel. Shares of New York-based AIG, the world's largest insurer, have declined 27 percent since the company disclosed subpoenas from New York Attorney General Eliot Spitzer and the SEC on Feb. 14.

"He's probably trying to shelter those assets from civil litigants," said Bebel.

David Boies, Greenberg's lawyer, didn't immediately return a phone call to his home. Bloomberg News Service


17 posted on 06/06/2005 1:46:53 PM PDT by Liz (A society of sheep must, in time, beget a government of wolves. Bertrand de Jouvenal)
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To: Liz; SierraWasp

Looks like Spitball may not be as clean as he wants to appear.


18 posted on 06/06/2005 2:02:22 PM PDT by Grampa Dave (The MSM has been a WMD, Weapon of Mass Disinformation for the Rats for at least 5 decades.)
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To: Grampa Dave

He put up a good front all this time, didn't he?


19 posted on 06/06/2005 2:05:59 PM PDT by Liz (A society of sheep must, in time, beget a government of wolves. Bertrand de Jouvenal)
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To: Liz

He had best be careful in this day of electronic exposure and outing of the truth.

The NY Slimes and ABCNNBCBS would never out him as a money grubbing two faced lib if they get the data. We will.


20 posted on 06/06/2005 2:11:42 PM PDT by Grampa Dave (The MSM has been a WMD, Weapon of Mass Disinformation for the Rats for at least 5 decades.)
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To: Grampa Dave

Won't even know what hit him (smirk).


21 posted on 06/06/2005 2:54:24 PM PDT by Liz (A society of sheep must, in time, beget a government of wolves. Bertrand de Jouvenal)
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To: Grampa Dave; AdamSelene235; SAJ; Dog Gone; wardaddy; jmstein7

David Boies is Greenberg's lawyer...that's pretty much an admission of guilt right there.

22 posted on 06/06/2005 4:52:04 PM PDT by Southack (Media Bias means that Castro won't be punished for Cuban war crimes against Black Angolans in Africa)
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To: Southack; Liz

The really good thing about this, Greenberg just might hire some good PI's to find out how many bribes Spitzball has taken,


23 posted on 06/06/2005 4:57:04 PM PDT by Grampa Dave (The MSM has been a WMD, Weapon of Mass Disinformation for the Rats for at least 5 decades.)
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