Former AIG chief Greenberg urges AGM delay - Business

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Business News

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NEW YORK (Reuters) - Former American International Group CEO Maurice "Hank" Greenberg has said the insurer is in "crisis" and urged a delay in its annual general meeting scheduled for Wednesday, according to a letter he sent to the board of directors.
"Several top shareholders of AIG have called me expressing deep concern about the persistent and seemingly endless destruction of value at AIG," Greenberg said in the May 11 letter, a copy of which was filed with the U.S. Securities and Exchange Commission on Monday.
The letter followed AIG's announcement last Thursday of a $7.8 billion first-quarter loss, its largest-ever, as a result of a large write-down to the value of securities linked to subprime mortgages. The company, at the time, said it would raise $12.5 billion to strengthen its balance sheet.
"AIG is in crisis," Greenberg said.
AIG spokesman Chris Winans said the company received Greenberg's letter on Monday, and had forwarded it to members of the board.
"The board will respond to Mr. Greenberg's request shortly," he added.
Greenberg's letter follows a lawsuit filed last week by Starr International, a company that Greenberg controls, against AIG and its chief executive, Martin Sullivan, as well as Steven Bensinger, who on Thursday announced he would step aside as chief financial officer to assume another post at AIG.
The suit, filed in New York State Supreme Court in Manhattan, alleges fraud, claiming the insurer misrepresented its exposure to credit default swaps, and seeks to recover at least $300 million in damages.
Greenberg, who parted ways with AIG in 2005 amid an accounting scandal, is chairman of C.V. Starr and Starr International, entities that were once affiliated with AIG, and continue to be the insurer's largest shareholders.

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Software News

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VMware shares plunge on CEO change, slowing growth (AP)
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Oil rebounds $2 on Iran missile tests - 09, Jul 2008

U.S. regulators probe 2 ex-Credit Suisse brokers: report - 09, Jul 2008

IMF gloomy on growth, warns on inflation - 09, Jul 2008

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Merrill asset sale size depends on second quarter loss - 09, Jul 2008

Economic gloom leads to cuts in ad forecast - 09, Jul 2008

IndyMac depositors pull cash as mortgage woes grow - 09, Jul 2008

Fed may extend Wall Street lending - 09, Jul 2008

Alcoa's profit lower but tops Street forecasts - 09, Jul 2008

Oil steadies after fall to $136 - 09, Jul 2008