http://www.reuters.com/article/idUSTRE63J51F20100420
No none of the corruption started yesterday kids. It's been going on a long time.
But if your a big enough corporation you can pay enough money to make your problem disappear.
New York state prosecutors have "a devastating case" against Maurice "Hank" Greenberg, the former American International Group Inc chief executive accused of fraud over a reinsurance transaction 10 years ago, the presiding judge said in court on Tuesday.
The transaction at issue long preceded taxpayer bailouts of about $180 billion for AIG after it nearly collapsed from mortgage-related losses. The revelation of the GenRe case contributed to Greenberg's ouster in 2005.
"This transaction is material because it was designed to, and did in fact, mislead investors about AIG's reserves," Ellenhorn told the court.
Federal prosecutors have obtained five criminal convictions and two guilty pleas of former General Re and AIG officials over the transaction, including a conviction of Ferguson. He was sentenced to two years in prison.
Last August, Greenberg agreed to pay $15 million to settle U.S. Securities and Exchange Commission charges that he altered AIG's records to boost results between 2000 and 2005.
Three months later, Greenberg and AIG resolved years of litigation that followed his exit. AIG agreed to reimburse him and others for as much as $150 million of legal expenses.
