SEC Subpoenas Senior AIG Execs In Probe Of Board - Source
The U.S. Securities and Exchange Commission has sent subpoenas to a dozen executives at American International Group Inc . (AIG) amid several probes into whether questionable transactions were used to improperly bolster the insurance titan's financial standing, a person familiar with the matter said Monday.
The person, speaking on condition of anonymity and confirming a report Monday in The Wall Street Journal, also said federal investigators were aware of 10 transactions that warranted review.
Meanwhile, the Journal, citing unidentified sources familiar with the case, said the AIG board overseeing an internal probe of the transactions could decide in the next few days whether to formally sever ties with Chairman Maurice R. "Hank" Greenberg. Greenberg, 79, was replaced as chief executive two weeks ago - though retained as chairman - as regulatory scrutiny mounted over a 2000 transaction that appeared to have been used to boost the company's reserves artificially. He had been at the company's helm for nearly four decades.
Greenberg has since become frustrated that he may be chairman in name only, and could pre-empt any board action by retiring, the Journal said, citing a source. Through his lawyer, he declined to comment.
Greenberg is scheduled to give a deposition to New York Attorney General Eliot Spitzer on April 12. Should he refuse to testify, directors could force him out, as they recently did two other executives, including Chief Financial Officer Howard I. Smith, who refused to cooperate with investigators.
AIG, which is headquartered in New York, is one of the world's largest insurance companies.
Under investigation are a number of reinsurance transactions - insurance purchased by insurance companies - that regulators contend were designed to improve AIG's financial statements without the transfer of risk. Risk transfer is necessary for a deal to be an insurance transaction and determines how it's carried on a company's books.
On Sunday, the company forced out another longtime executive, Michael Murphy, an executive who worked for American International Co., a Bermuda-based unit of AIG.
AIG spokesman Chris Winans said Murphy was terminated "for failure to cooperate with investigators." He declined further comment.
The Journal said that Murphy was a confidante of Greenberg and an expert of tax matters. Murphy's attorney, Sean O'Shea, said Sunday that he hadn't been informed of his client's dismissal, and didn't know whether Murphy had been notified.
A number of other AIG executives have been dismissed, including four who entered guilty pleas in the probe launched by Spitzer into bid rigging and price fixing by New York-based broker Marsh & McLennan Companies Inc. (MMC).
Shares of AIG rose 81 cents, or 1.4%, to $56.42 in early afternoon trading on the New York Stock Exchange, near the low end of a 52-week range of $54.28 to $77.36.
Winans said that the company is still aiming to release its delayed annual report on Thursday.
He told The Journal that AIG continues to "believe that the matters subject to review are unlikely to result in significant changes to the company's financial position," meaning shareholder's equity.
SEC向12位美国国际集团的管理人士发出传票
据知情人士透露，美国证券交易委员会(Securities and Exchange Commission)已向多达12位美国国际集团(American International Group Inc., AIG)的管理人士发出传票。目前SEC正对AIG的几项金融交易展开调查，以确定这家保险业巨头是否运用不正当的方式虚增业绩。
此外，一位消息人士称，AIG董事会可能在今后几天内决定是否正式解除莫利斯?格林伯格(Maurice R. 'Hank' Greenberg)的董事长职务。在面临多项监管调查的情况下，现年79岁的莫利斯?格林伯格于两周前辞去AIG首席执行长一职，但仍继续担任董事长。眼下，监管机构正在对该公司2000年一起被怀疑用来虚增收益的交易进行深入调查。据另一位知情人士透露，格林伯格对他目前仅仅是名义上的董事长这一现实感到心灰意冷，可能抢先在董事会作出任何决定之前提出退休。
董事会关于格林伯格前途的决定可能将在几天内作出。如果他拒绝作证，董事会可能别无选择，只能迫使他离开。此前，董事会已经解除了拒绝与调查人员合作的首席财务长Howard I. Smith等其他两位管理人士的职务。据知情人士称，周日董事会又解雇了一位长期与格林伯格过从甚密的管理人士。
据一位知情人士透露，随著调查逐步扩大至远远超出2000年那起交易的范围之外，AIG董事会同时还在调查究竟哪些高级管理人士对这些有问题的交易知情。这位知情人士称，调查已经显示，多达30位AIG管理人士对目前公司正在调查的部分金融交易知情，其中一些管理人士可能涉案。
目前尚不清楚新任首席执行长Martin Sullivan是否知晓这些处于调查中的交易，但知情人士称，他并不在接到传票的管理人士之列。Sullivan拒绝透过AIG的发言人发表评论，也没有回复寻求置评的电子邮件。
知情人士称，目前，领导内部调查的董事会已经将调查重心放在不到10笔交易上。这些知情人士称，鉴于SEC要求清理帐簿和公开所有问题的压力，上述数字可能会有所增加。据两位知情人士称，另外还有十几笔交易已经被指定要作进一步审查。
据两位知情人士透露，目前遭到调查的交易可能涉及自1999年以来高达15亿至30亿美元的会计错误。其他几位知情人士称，AIG已经向监管机构表示，其中部分交易可能需要冲销，这可能对财务报表产生数十亿美元的影响。据一位知情人士称，AIG尚未决定是否重报过去几年的业绩，还是在当前的收益中计入一笔支出。
AIG发言人Chris Winans称，该公司仍相信有关调查事宜不会导致其财务状况、也就是股东权益发生重大变化。
据两位知情人士透露，周日被解职的管理人士是Michael Murphy，他是格林伯格长时间的密友。一位公司发言人称，Murphy目前为AIG旗下位于百慕大的的子公司American International Co.工作。这家子公司的主要业务是向保险商提供管理服务。有关纪录显示，他同时还在为格林伯格领导的私人控股公司Starr International Co.和AIG另一家位于百慕大的子公司Astral Reinsurance Co.效力。格林伯格领导的私人控股公司向AIG的雇员支付递延薪酬。
上周，拨打到Murphy百慕大办公室的电话被转到其法律部门，但他也没有回复记者的留言。Murphy的律师Sean O'Shea周日称，他尚不知道Murphy已被解职，也不知道Murphy是否接到通知。
