Attorney With SEC Background Joins AIG Board
NU Online News Service, March 8, 11 :19 a.m. EST?Stephen L. Hammerman--a veteran financial community attorney with past experience with the U.S. Department of Justice and Securities and Exchange Commission--has joined the board of American International Group, which has been under scrutiny from both of those agencies.
"He brings a wealth of financial, legal and regulatory experience to our company," AIG Chairman and Chief Executive Officer Maurice Greenberg said in a statement released yesterday, after Mr. Hammerman's election as a director.
Mr. Hammerman, 66, is a longtime officer at Merrill Lynch who was the company's general counsel and chief financial officer from 2002 through 2004. His other background includes a position as New York Regional Administrator for the SEC and U.S. Attorney for the Southern District of New York.
In addition, his law enforcement background includes a stint as deputy commissioner of legal matters for the New York City Police Department.
Mr. Hammerman also served as a director of the New York Stock Exchange, chairman of the National Association of Securities Dealers and director of the Securities Investors Protection Corp.
Mr. Greenberg said the company looks forward to Mr. Hammerman's "valuable contributions to AIG as a director."
AIG in recent months has reported a variety of subpoenas from the SEC and Justice Department related to investigations into a variety of transactions, including those involving non-traditional insurance products.
Such products have come under scrutiny as officials seek to determine whether in some instances they have been used as a tool for income smoothing that provides a false picture of company financials.
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
