Tuesday, March 29, 2005

Warren Buffett and AIG

Warren Buffett has agreed to be interviewed by SEC investigators looking into suspicious reinsurance contracts between AIG and General Re, which is owned by Berkshire Hathaway. According to a company statement, Buffett was not familiar with the details of the $500 million reinsurance contract, which first prompted the investigations by the SEC and New York Attorney General's office.
According to his lawyer, David Boies, Maurice Greenberg has agreed to relinquish the post of chairman, his last connection with AIG, which he ran for 39 years. The SEC has subpoenaed twelve AIG executives in the probe, which is reviewing finite insurance contracts which may have been used to manipulate AIG's financial statements.

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