Say This, Not That…Hank Greenberg!
Written by Aaron Kwittken on August 31, 2009
The Securities and Exchange Commission (SEC) reached a $15 Million agreement with former AIG chairman Maurice (Hank) Greenberg earlier this month to settle fraud charges they levied against him.
Following settlements, SEC defendants are prohibited from making public statements that criticize the SEC’s case. Still, the storied and aged Greenberg “did not go quietly,” according to the New York Times ( http://bit.ly/SDMUM).
Mr. Greenberg issued a statement that said “the SEC concluded that the only charge that it would make against Mr.Greenberg was that he was a ‘control person’”, adding that “between 97 percent and 99 percent of AIG’s restatement was either unnecessary or involved accounting for which Mr. Greenberg was not responsible even as a ‘control person’.” The misstatement prompted the SEC to issue its own statement in response to Mr. Greenberg’s gaffe.
Greenberg should have just said “I am satisfied with the outcome and pleased that the matter has been resolved,” and move on.
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