Tuesday, September 16, 2008
But why AIG and not Lehman’s?
The "Big Boys" have really been caught with their pants down. American International Group Inc. investors led by former Chief Executive Officer Maurice ``Hank'' Greenberg may consider taking control of the insurer through a proxy fight or buyout. The investors also are considering acquiring New York-based AIG's subsidiaries or making loans to the company. They disclosed their options today in a regulatory filing. Greenberg may be seeking to rescue the insurer that is struggling to raise cash amid losses tied to U.S. mortgages and credit downgrades. Greenberg, who was ousted in 2005 amid a regulatory probe into accounting, controls about 11 percent of the company through personal holdings and companies he heads.