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The lobby of AIG's headquarters in the American International Building.. The AIG bonus payments controversy began in March 2009, when it was publicly disclosed that the American International Group (AIG) insurance corporation was going to pay approximately $218 million (~$301 million in 2023) [1] in bonus payments to employees of its financial services division.
In 2005, after a scandal on insurance and mutual funds the year before, AIG was investigated for accounting fraud. The company already lost over $45 billion worth of market capitalization because of the scandal. Investigations also discovered over a $1 billion worth of errors in accounting transactions.
In 2005, AIG became embroiled in a series of fraud investigations conducted by the Securities and Exchange Commission, U.S. Justice Department, and New York State Attorney General's Office. Greenberg was ousted amid an accounting scandal in February 2005.
Of all the outrages to the American taxpayer in the last year, there is not one that can top the bailout of American International Group (AIG). After former Treasury Secretary Hank Paulson decided ...
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The New York Attorney General brought civil fraud charges against Greenberg in May 2005, charging him with engaging in fraud to exaggerate AIG’s finances. On September 13, 2016, the fraud case against Greenberg came to trial in a state courthouse in Lower Manhattan. The New York State trial counsel said a guilty verdict was needed to "send a ...
Ideally, CFOs should approach the accounting process ethically, but there are currently two high-profile scandals with finance chiefs in the spotlight—but for different reasons. While one CFO ...
Sullivan's severance package payments were withheld by AIG after the then Attorney General of New York, Andrew Cuomo, raised issues. [7] According to USA Today, "AIG CEO Martin Sullivan received $25.4 million in non severance related compensation between 2005 and 2007, including $322,000 for private use of corporate aircraft, $153,000 for car and parking, $160,000 for home security and $41,000 ...