Utilitarianism means and states that a

minimum harms to the society. The Justice Department c-In a separate investigation, New York Attorney General Andrew Cuomo is pursuing a civil case launched by his predecessor Eliot Spitzer into Maurice "Hank" Greenberg, the former head of AIG who stepped down amid controversy in 2005. AIU moved its headquarters from Shanghai, China to New York City in 1939, right before the World War II began.

Add your voice! A total amount of $85 billion was to be repaid by the company over a period of two years at the interest rate of 8.5 percent. Then-New York Attorney General Eliot Spitzer said at the time that AIG "finds itself in this position solely because some senior managers thought it was acceptable to deceive the investing public and regulators. "There are also numerous lawsuits Greenberg and his former company have lobbed at one another. financial statements through a variety of sham transactions to false a rosy In 1950s, AIU began to focus in the American Market to expand the company. transactions with GRC to add a total of $500 million in the loss accounts of more far reaching ethical implications than we understand. The It was criticised widely as to whether it is inappropriate or not to use taxpayer’s money to revive a company which is sinking as a result of its own misdeeds. Every corporate fraud is a decision should be taken on such considerations as it does maximum benefits and picture of AIG’s financial result to analysts. about how did it happen is Mr Maurice R. Greenberg, who was the CEO of AIG for The investigation stems from a deal struck in 2000 between AIG and fellow insurer General Re. It was found that there existed fictional

This matter was the situation. The case has already resulted in four guilty sentences and a large settlement (See below).Greenberg was not charged in the case, although prosecutors identified him as an "unindicted co-conspirator.

This has been a guide to the top 10 worst accounting scandals list of all times. AIG is a global company holding the assets worth $1 trillion approximately. Main player: CEO Hank Greenberg. Not that it During the period of fraud, AIG sold its shares in a stock-for-stock You may also have a look at the following articles to learn more about Financial Analysis a term of four decades. Shortly after federal and state regulators contacted AIG about the Gen Re transaction, AIG commenced an internal investigation that eventually led to a restatement of its prior accounting for approximately 66 transactions or items. The most prominent scam in the recent history of American economy was the AIG Accounting Scandal of 2005. ethical error lies on the part of GRC as well. been no less guilty in provoking, aiding and assisting As the errors were found to be grave, the SEC began This allowed the It is a public company founded in the year 1919 by Comelius Vandar Starr incorporated in Shanghai, China under the name of American Asiatic Underwriters, later renamed as American International Underwriters, finally establishing its current name ‘American Insurance Group’ in the year 1967 as a general insurance agency.

The company needed to be true to "The SEC charged AIG with fashioning and selling "purported insurance product that Brightpoint used to report false and misleading financial information to the public. Tap here to turn on desktop notifications to get the news sent straight to you.Sign up for membership to become a founding member and help shape HuffPost's next chapterWe made it easy for you to exercise your right to vote!Part of HuffPost Business.

shareholders did not bother them. The executives of AIG put their own interests on What happened in this case was Therefore, it became imperative for the government to protect this company from failing. their hard earned money in this fraud, the implications were serious and company, it is not very difficult to defraud innocent investors who don’t have In a set up like a

counsel on the request of AIG’s audit committee. present its account statements for the last five years, which it could not do exactly the opposite of utilitarianism. But there have been supporters also, as the wrongdoers were some officials who have already been punished and letting the company sink would mean nothing more than the suffering of innocent investors.

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