American International Group's former chairman and chiefexecutive officer, Maurice Greenberg, is suing his old company,charging that excessive speculation in risky derivatives and lackof disclosure after he left caused him to lose money in stockpurchased on his behalf in deferred compensation plans.
On CNBC yesterday, Mr. Greenberg said his losses totaled $2billion. "I was hurt very badly," he said.
According to the suit, the stock was awarded to him by StarrInternational Company--formerly an exclusive managing general agentfor AIG. The two firms split apart soon after Mr. Greenbergdeparted in 2005, as a part of a settlement between thecompanies.
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