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Ex-boss of AIG will ‘take the Fifth’ with regulators

Ex-boss of AIG will ‘take the Fifth’ with regulators

by Rick Turoczy on April 11, 2005

Maurice “Hank” Greenberg, the former chairman and chief executive of AIG, will today invoke his Fifth Amendment right to silence when he is questioned by regulators over a $500 million transaction that forced him to resign from the world’s biggest insurer. The decision comes after Eliot Spitzer rebuffed requests by Mr Greenberg’s lawyers to delay the deposition, his lawyers said yesterday.

David Boies, Mr Greenberg’s lead lawyer, said Mr Greenberg was not given access to documents relating to the transactions in question. He also said that the sheer volume of transactions done, some up to 20 years ago, meant it was impossible for Mr Greenberg to have prepared his testimony in time.

In a statement, Mr Greenberg sought to distance himself from a $500 million transaction between AIG and General Re which investigators believe he initiated, by saying that he was “familiar with many, but certainly not all, or even a significant percentage of, the literally millions of transactions each year in approximately 130 countries” undertaken by AIG.

Ex-boss of AIG will ‘take the Fifth’ with regulators

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