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Sarbanes-Oxley News & Developments
Greenberg Shifts $2.2B of Shares to WifeThe transfer, made four days before Greenberg left as CEO, represents 96% of his direct-ownership stake in AIG.
> > Former American International Group Inc. chairman and chief executive officer Maurice "Hank" Greenberg transferred ownership of 41.4 million shares of the insurance company to his wife, Corinne P. Greenberg, according to a regulatory filing.
"All the alarms are going off, and red flags are waving, with Greenberg making such a huge transfer at the exact same time that he is under civil lawsuit scrutiny and criminal scrutiny," said Thomas Ajamie, a securities lawyer. "This large of a transfer, even in isolation, would garner regulatory scrutiny, but in the context of the criminal and civil issues, the warning bells are waking up people from here to China."
Source: CFO
Published:2005-04-13
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