Former American International Group Chairman and Chief Executive Officer Maurice Greenberg will not face criminal charges from New York authorities for alleged improper activity to boost the company's stock price, according to a state spokesman.
Speculation concerning that possibility had been ongoing since May when New York Attorney General Eliot Spitzer filed suit against AIG, charging that Mr. Greenberg and former AIG Chief Financial Officer Howard I. Smith engaged in a variety of fraudulent business transactions to bolster AIG's stock price.
At that time, Mr. Spitzer issued a statement saying that AIG management had "routinely and persistently resorted to deception and fraud…"
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