American International Group (AIG), the world’s largest insurer, delayed publishing its annual results for a second time yesterday and admitted that inaccurate accounting might have falsely inflated its finances by $1.7bn
Nice euphemism that, “inaccurate accounting.”
The news was the latest bombshell to come from AIG, which said this week that Hank Greenberg, its domineering chairman of almost four decades, was retiring. Mr Greenberg was personally involved in the negotiation of a major reinsurance contract which is being investigated by Eliot Spitzer, New York’s attorney general.
His apparently forced retirement might be thrown a bit askew by his probable coming indictment.
Tell me, are ANY large corporations even vaguely honest any more?