This is sad and kind of awesome. Maurice “Hank” Greenberg, the man who built up AIG into the global powerhouse, before being forced out by Eliot Spitzer, is suing his old company for securities fraud. Greenberg says that mirepresentations by the company caused him to overpay for the stock.
We’re not sure what he’s getting at or going for. He’s not likely to get any money from the company, but maybe he’s trying to save face after all those one-on-ones with Maria Bartiromo, in which he claimed that the company was merely suffering from a liquidity crisis, not a solvency one. Remember those?
There could also be a personal angle at play. Today Ed Liddy said that much of the rot built up under Greenberg’s watch.
It’s a litigious time for AIG, which is also suing the federal government (AKA: You) over a tax issue.