AIG Blasts Former CEO Over Fraud Claims

Law360, New York (March 4, 2009, 12:00 AM EST) -- American International Group Inc. fired back at Maurice “Hank” Greenberg on Wednesday, saying the company's former CEO created the now-infamous financial products division whose massive losses have crippled the insurance giant.

The heated response came two days after Greenberg accused AIG of securities fraud in the U.S. District Court for the Southern District of New York.

AIG said Greenberg was "directly responsible" for the formation of the ailing division, its compensation structure and its varied businesses, including the credit default swap agreements that have exposed the...
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