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Hi, need to submit a 2000 words essay on the topic AIG Accounting Scandal.Established in 1921 it had its headquarters in Connecticut. Warren Buffets Berkshire Hathaway owned the company. The company w
Hi, need to submit a 2000 words essay on the topic AIG Accounting Scandal.
Established in 1921 it had its headquarters in Connecticut. Warren Buffets Berkshire Hathaway owned the company. The company was ranoriginally RonaldFerguson until his retirement in 2002. In 2007, the premium written was over six billion U.S dollars(Schonfeld 2006).
One of the participants involved In the AIG demise was Hank Greenburg. He was born in 1925, admitted to the New York bar in 1953, joinedAIG in 1962and named CEO in 1968(Young, 2009). He ranAIG for 38 years before stepping down in March 21 2005(Young, 2009). Another participant was Ron Ferguson. He was the CEO of Gen Re He was bornin 1942(Young, 2009). He was a fellow of CAS ad co-developed the B-F method. He joined Gen Re in 1966 and was CEO in 1987. Later, in 1998, Berkshire HathawayassimilatedGen Re. Helater retired in 2002(Young, 2009).
Others include Christopher Garad, FCAS. He was Gen Re’s Senior Vice president and Chief Underwriter of finite reinsurance in the U.S from 1994 to 2005. Elizabeth Monrad, CPA. She was the CFO of Gen Re as from 2000 to 2003. Robert graham, JD. He was SVP and assistant general counsel at Gen Re until 2005 (Young, 2009). Christian Milton. He was the VP of AIGs reinsurance until 2005. RichardNapier was the SVP accountable for Gen Re affiliation with AIG. John Houldswoth was the CEO of Cologne Re Dublin CRD.
Eliot Spitzer, JD was born in 1959. He was a former attorney general of New York. During his time as an attorney general, he had some outstandingprosecutions including the mutual fund scandals that was in 2003, the insurer bid rigging, in 2004. and AIG accounting scandal, in 2005. He elected governor of New York in 2006(Young, 2009).
In 2001, the S.E.C learned that AIG has aided a customer company in strengthening its balance sheet through a bogus insurance transaction.
