Ex-CEO of AIG said no contracts on its Watch

 

Tuesday, Mar 24,2009, 12:12:54 AM   Click:

Copyright: United Press International
Source: UPI Top Stories
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The former head of the giant AIG insurance said it would not have paid the $ 165 million in retention bonuses, which began after he says he left.

When I was there, nobody has a contract in the company, including me. I did not believe in them, the former American Insurance Group Chief Executive Officer Maurice Hank Greenberg said Thursday on CBS 'Early Show. If you do not work, you do not deserve to be there. There had no contracts.

When he drove AIG, bonuses were awarded based on the results, "said Greenberg. If you have not, you do not have a bonus.

When asked if AIG should have paid the premiums as it received more than $ 170 billion in federal bailout funds, Greenberg said, absolutely not.

Several CEOs followed Greenberg, but he told CBS he blamed current CEO Edward Liddy, appointed by the Government in September and has said he inherited the damage bonus of his predecessors and existing contracts.

Greenberg told Liddy should be replaced and that managers at AIG after he left are guilty of stupidity.

I do not know if it is criminal. I think it's stupid, "he says. Those investigation must determine if there was stupidity, there was fraud, there was anything.

Investigators are looking into Casano Joseph, who was appointed to run Greenberg of AIG financial products unit responsible for the loss.

Responding to the former CEO of the applicant, CBS said Friday that Nicolas Ashooh, Senior Vice President of Communications for AIG, called, it is absolutely astounding that Mr. Greenberg could argue that he never set up conservation agreements. All of its long-term management compensation is a conservation agreement.



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