Greenberg Puts $2.2 Billion AIG Stake in Wife's Name (Update1)
*Personal Comments - And yes folks... that's B-B-B-BA-BILLION with a B...
Greenberg Puts $2.2 Billion AIG Stake in Wife's Name
April 12 (Bloomberg) -- 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 today with the U.S. 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, who now practices law in Houston.
David Boies, Greenberg's lawyer, didn't immediately return a phone call to his home. Howard Opinsky, a spokesman for Greenberg's attorneys, said he couldn't immediately comment on the share transfer. AIG spokesman Chris Winans declined to comment.
To contact the reporter on the story: David Plumb in New York at dplumb@bloomberg.net
To contact the editor responsible for this story: Helen Stock in New York at hstock@bloomberg.net
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