Nofsdad
Joined: 06 Jul 2003
Posts: 8380
Location: Central CA
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Posted: Tue May 26, 2009 2:28 pm Post subject: More AIG News
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Hank Greenberg, Starr International, and the Mystery of the AIG Stock Sale
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Reuters reported that Hank Greenberg has entered into agreements to sell all of his shares in AIG to another entity he controls, Starr International Company.
Maurice "Hank" Greenberg, the former head of American International Group, Inc. (AIG.N), which was rescued by a federal bailout, has agreed to sell his nearly 12.9 million shares of AIG to Starr International, according to an agreement filed on Friday.
Greenberg has also entered into agreement to sell shares of AIG owned by other entities that he controls, all to Starr International.
In addition, the agreement calls for Starr to purchase the Greenberg Foundation's 989,308 shares, the Greenberg Joint Tenancy Co.'s 25.3 million shares, and the Universal Foundation's 2.1 million shares under the same terms. Greenberg controls all of the selling entities.
Starr is also buying 10.5 million shares from an entity called C.V. Starr and another 8.58 million shares from C.V. Starr and Trust, Inc., two other units led by Greenberg, according to the filing.
Starr, a company owned and named after the founder of AIG, Cornelias Van Der Starr, was already the largest single shareholder in AIG until the federal bailout of AIG gave 80% control to the government.
Starr International controls 205.8 million AIG shares.
Before the U.S. government's $150 billion bailout in September, Starr International was AIG's largest shareholder. In exchange for the bailout, taxpayers received a nearly 80 percent stake in the company.
Some background about Starr International and AIG:
You should begin by reading this 2005 article in the Wall Street Journal, it depicts a scene that appears to come straight from the pages of an Edith Wharton novel. |
Lot's of background stuff about the various CV Starr fronts and the manner in which Greenberg manipulated the government.
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So, while the press and the President were howling about bonus payments worth hundreds of thousands of dollars, or maybe millions, the members of the club, that group of "insider" insiders beholden to the Starr trusts, were on the receiving end of many millions, and maybe billions.
I wonder if they had a good laugh. |
Yeah... eventually you have to reach the conclusion that some of these companies are simply too flipping evil to be allowed to live. Unfortunately, that epiphany is usually accompanied by the realization that... since they own the goddamned government or, at the least, are able to outsmart it at every turn... there ain't a damned thing you can do about it.
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