Brokers and Brokerage

by Freddie Mooche

Business Brokerage Ending a four-decade career with American International Group, Inc., Maurice "Hank" Greenberg, will retire within days amidst an SEC probe into the insurers kickback schemes that occurred during his tenure as Chairman.

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The former real estate broker from Mount Holly is next in line on the seniority ladder to run the Resources Committee, whose current chairman Rep. James Hansen, Utah is retiring at the end of the year. The panel considers legislation dealing with mineral rights, forests, public lands, national parks and oceans.

Real Estate Broker March 29, 2005 (AXcess News) Washington - Ending a four-decade career with American International Group, Inc. (NYSE: AIG), Maurice Greenberg will retire within days amidst an SEC probe into the insurer's kickback schemes that occurred during his tenure as Chairman.Two weeks ago AIG allegedly removed Greenberg as CEO, according to a story on the Wall Street Journal's website Monday. Rumors have been flying through Wall Street as to how long the insurance company would go before removing "Hank" Greenberg entirely.The Securities and Exchange Commission recently sent subpoenas to twelve AIG executives, which came just as Greenberg announced his retirement.

Agency Brokerage Spark Late Monday, New York Attorney General, Eliot Spitzer, praised AIG's actions, saying their decisions were well-founded in a difficult situation.

Additionally, Glen is the broker owner of The Real Estate Office Co., a 10 year old active real estate brokerage business specializing in the disposition of REO properties across South Florida. Glen is a licensed mortgage broker (Florida), registered real estate appraiser, national consultant for REO disposition, licensed real estate broker (Florida). Glen has over 17 years of experience in banking, real estate investing and real estate management and sales.

Business Broker Greenberg, 79, along with other high-level AIG executives, is being scrutinized for artificially boosting the company's reserves in a 2000 transaction.Spitzer believes that the investigation has a long way to go before being completed and that the board's actions will benefit the outcome of that.Greenberg and Spitzer are scheduled to meet April 12 when Greenberg is to give his deposition. Greenberg has not stated whether he will cooperate in the investigation and refuse to testify like AIG CFO Howard I. Smith and two other executives have done.Should Greenberg refuse to testify, the board would have cause for his dismissal.

Brokerage Account Shares of AIG closed up $1.41, or 2.5%, at $57.02 Monday following AIG's announced retirement of Greenberg.AXcess News will be reporting on any new market trends related to this story. Members should watch their in-box for late breaking business news. If you're not a member, consider joining now.

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