N.Y. AG Spitzer Claims Greenberg Shorted Charity 35 Years Ago

December 16, 2005

  • December 16, 2005 at 7:45 am
    Dan Middleton says:
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    Spitzer is acting like a spoiled brat that just lost a game of marbles. I hope this goes to trial and Hank beats his socks off. The public is getting tired of this personal \”if I can\’t get you one way I\’ll get you another\”. Spitzer is a sore looser and people are catching on. Sign me \”tired of it all\”.

  • December 16, 2005 at 10:15 am
    Ian CHarteris says:
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    What a piece of garbage Spitzer is

    I pray his gubanatorial campaign goes down in flames

  • December 16, 2005 at 10:24 am
    Wondering says:
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    This whole matter makes me wonder if Spitzer needs to see a shrink. It is utterly astounding that he continues to rummage is garbage dumps looking for food for his insanity.

    Get on with life, Spitzer. You are beginning to look like a nut.

  • December 16, 2005 at 12:49 pm
    LLCJ says:
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    No better things to do than to go back 35 years?

    Can you say Vendetta?

  • December 16, 2005 at 12:58 pm
    compman says:
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    I wonder how long it will take Spitzer to request exhumation of Hank\’s parents to see if he can maybe pin a murder on Hank as well.!

  • December 16, 2005 at 1:02 am
    Gomer Pyle says:
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    30 years ago I talked Sarge into selling me his patent on \”I can\’t hear you!\” for a hundred bucks. 2 years ago I sold a variation to Verison for $2 million. Does this me he can sue me now????

  • December 16, 2005 at 1:09 am
    Spank Hank says:
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    Looks like Hanks gonna get spanked again
    Note to:Hank just give them all of your money and have to live like the rest of us!

  • December 16, 2005 at 1:10 am
    Spank Hank says:
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    Looks like Hanks gonna get spanked again
    Note to:Hank just give them all of your money and have to live like the rest of us!

  • December 16, 2005 at 1:15 am
    Rudolph says:
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    Has Mr. Spitzer been going after others as well? Seems to be flawed.

  • December 16, 2005 at 1:19 am
    Santa says:
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    Santa does cause Santa can, something obviously stinks about Hank and Santa wants to get to the cause.

  • December 16, 2005 at 1:33 am
    NY outsider says:
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    Eliot Ness had Capone. Now Eliot Spitzer has Hank Greenberg. It is such a good thing that there are so few problems in the New York that Spitzer can dedicate every waking moment to chasing one man.

  • December 16, 2005 at 1:46 am
    Mark says:
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    I figure if we spank enough of \’em maybe the rest will behave.
    Elliott got the oil companies in his sights yet? Gas\’s gone up 15 cents since last week, and I\’ve not heard of a hurricane recently….

  • December 16, 2005 at 1:48 am
    Rolf Neu says:
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    Here we go again slamming Eliot Spitzer.

    If the Attorney General of a state does not pursure allegations involving a possible fraud to the tune of $30 million plus what should the AG go after?

    If Greenberg is such a ripe target for Eliot Spitzer, whose fault is that? I think the picture is quite clear: Mr. Greenberg did not follow the rules and some of his activities violated various laws.

    If he hasn\’t already, Eliot should also investigate Mr. Greenberg and AIG in general to see if they haven\’t violated the Foreign Corrupt Practices Act. My guess is that AIG\’s \’success\’ in foreign markets was not without bribing local officials. Given what we already know about Greenberg and AIG, it would be worth looking into.

  • December 16, 2005 at 3:15 am
    Spatula says:
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    Sounds to me like all you light weights are just jealous. Not one of you could carry Hank\’s bags on your best day. What a bunch of wimps. Bet none of you would say a word to Hank and he is over 80. He would slap you silly if you did.

  • December 16, 2005 at 3:22 am
    Bang says:
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    Let me see if I get this right.

    If a stock I own goes down in value, hire an attorney and sue for the loss.

    If I sell a stock and it goes up in value, I hire an attorney and sue for lost potential gain.

    Hell, I don\’t even have to hire an attorney; one will be given to me at the states expense.

    I would bet that Greenberg would love a saying from my grandfather.

    If you have no troubles and your world seems worry free…hire an attorney and he will change it.

  • December 16, 2005 at 4:45 am
    Former AIG Employee says:
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    Mr. Greenberg was hand-picked by Mr. Starr. He knew that Mr. Greenberg was extremely aggressive. AIG was a modest company compared to the success it enjoyed under Mr. Greenberg. I don\’t think for one moment that Mr. Greenberg \”crossed every T or dotted every i\” while he was at the helm of AIG but he did give his very life blood for that organization. I can appreciate the passion Mr. Spitzer has for his job but the monies he is claiming that are lost would not be of their value were it not for Mr. Greenberg. I would hope that Mr. Spitzer would realize that the efforts of Mr. Greenberg has supported many a family that never would have been employed by AIG but for his foresight. You may not like Hank Greenberg but he is due respect as a giant among businessmen. I, for one, hold him in very high regard because of the opportunity his leadership afforded me and my family. Mr. Spitzer targeted Jeff Greenberg then his father. I don\’t trust his motives regardless of his title.

  • December 17, 2005 at 7:18 am
    W. M. Wilson says:
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    It seems to me that Spitzer is filling a void due to a lack of federal oversight. If the New York Attorney General does not highlight fiduciary abuse both current and past, is the industry, or the public for that matter, better served by ignorance of the abuse?

  • December 17, 2005 at 3:11 am
    Mark says:
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    ok, let it go. If the charity didn\’t figure it out on its own, then tough titty. Statute of limitations?!!

  • December 17, 2005 at 4:49 am
    Former AIG Employee says:
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    There is no statute of limitations regarding a breach of fiduciary trust according to Spitzer. How about the breach of fiduciary trust when he (Spitzer) utilizes public funds to pursue what appears to be a personal vendetta? I do hope the voters of New York let him know what they think of his efforts.

  • December 19, 2005 at 9:56 am
    stat guy says:
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    I wouldn\’t care to carry the bags of a crook, no matter how much money he made. The comparison to Capone is not lost on me; Capone was rich and made a lot of people money, including the Seagrams and probably the Kennedy\’s…but greed is not necessarily good for everyone; only those who get to cash in, which I guess you think is OK. I just love to see someone get their comeuppance…and Greenberg\’s is on the horizon!

  • December 21, 2005 at 7:35 am
    M.W. says:
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    King Tut was a boy king who had handlers who made decisions for him. The riches and treasures found in his tomb were not unusual for a person of royalty. Of course you could argue that the treasures belonged to the kingdom, and their removal was a breach of fiduciary trust that reduced the value of kingdom’s holdings and limited its ability to provide aid and assistance to those most in need.

    If there is not a statute of limitations on fiduciary abuse, it does not matter if the case is 35 years old or 3,347 years old. If you accept the argument that removal of the treasurers was a breach of fiduciary trust, doesn’t it seem reasonable that even today, the Egyptian prosecutor would have a cause for action regarding fiduciary abuse?

  • December 21, 2005 at 1:43 am
    Larry Vickery says:
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    Too bad King Tut is out of Spitzer\’s jurisdiction…or is he?

  • December 21, 2005 at 3:11 am
    RolfNeu a CPCU says:
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    If you rob a bank, should I not prosecute you if I find you 35 years later? If I cheated you out of $30+ million, should I turn the other \’cheek\’ and just let byegones be byegones because of the passage of time?

    The $30 plus million that Greenberg allegedly \’shorted\’ the Starr Foundation some 35 years ago was most instrumental in helping him to build the AIG empire and his personal fortune. No doubt that same money could have done a lot of good for the charities that were the beneficiaries of the Starr Foundation.

    Let\’s quit blaming Spitzer for finding and prosecuting corruption and focus on those who are and/or were corrupt.

  • December 22, 2005 at 7:49 am
    LLCJ says:
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    This wasn\’t instrumental in building his fortune, nor was it a big huge crime. the stock went up. It went up huge.

    Hindsight is 20/20.

    Greenberg may be a crook, he may have done a lot of things wrong, but get him on something legit, not this petty stuff. Pretty soon, we\’ll find out that Greenberg ran a traffic light in 1962, and because of that traffic violation, someone lost money on the ponies, and we\’ll have another charge.

    This is retarded. If you\’re going to get this guy, get him for something good. This is not capone, where you have to resort to income tax evasion to get a big time mob boss. There\’s much to investigate at AIG–finite reinsurance, bid rigging etc. Get him on something good.

    Done ranting now.

  • December 22, 2005 at 11:53 am
    Rolf Neu says:
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    Tut, Tut! When Egyptians buried their pharos and other \’royalty\’ it was in fact custom to bury them with great treasure. That is what thjeir society expected and so A) it didn\’t break the law and B) the treasure remained buried and is still there today unless the site had been looted.

    Breaching your fiduciary duty to the tune of $30 million plus as alleged, is not the same as having run a traffic light or other misdemeanor. Therefore, I hardly consider this \’minor\’ and something that should be overlooked because of the passage of time.

    As for getting Greenberg on more serious charges (as if $30 million isn\’t \’serious\’), Spitzer should look into AIG and Greenberg to see if they violated the Foreign Corrucpt Practices Act. Somehow, I have a suspicion that some or maybe even a lot of AIG\’s success overseas was the result of well placed bribes.

    What irritates me about Maurice Greenberg is that he and AIG have been held up as a \’role model\’ for the the insurance industry and big business in general. Now it comes to light that the man and the company in fact rigged markets and conspired to screw their clients.

    Isn\’t it high time that we again demand ethical and legal behaviour by our business community and their management? Over the last few years we have seen story after story of brazen corporate corruption. They all asserted their innocence but in the end they all were proven to have been guilty as charged.

    Many civil suits alleging corporate wrongdoing are settled under seal of non-disclosure. Many crimminal cases are plea bargained to a lesser charge. Maybe if the public really knew prevasiveness of corporate misdeeds, they would clamor for more stringent government enforcement and more prison time for the offenders.

  • December 24, 2005 at 4:33 am
    Count me tired of it says:
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    Mr. Neu. Judging from the number of times you name appears in the comments about Hank Greenberg, you apparently have an agenda: \”Get Hank at any cost\”. This is the United States of America. One is to be considered \”innocent until proven guilty\”. Based on your comments to date, you have found Mr. Greenberg guilty as charged by Mr. Spitzer, without evidence submitted, a jury trial and a guilty verdict rendered. Let the legal process take place. If indicted and found guilty, then apply the punishment. You say you are a CPCU. Belonging to that organization requires you to be objective and fair, and unbiased in your observations. It is part of your obligation to be ethical in your business personna. Your comments reveal you are biased and opinionated. Just what\’s you beef with Mr. Greenberg? Signed: Tired of it all.

  • May 18, 2006 at 6:00 am
    CESAR BALBIN says:
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    Please be advised that I am offering $25,000 plus a 10% stake in my $4.5 million insurance claim against Lexington Insurance to any employee, ex employee of AIG or any daughter company or anyone else who comes forward with proof of AIG\’s illegal claims handling tactics. This information must lead to either:
    1. Payment of my cliam
    2. Criminal prosecution of AIG
    3. Arrest and conviction of at least 20 top executives of AIG and or Lexington Insurance.
    The evidence can include testimony of any employee.

  • May 19, 2006 at 8:56 am
    Ex-AIG Employee says:
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    Sir,
    I would seek no renumeration for my efforts however if you wish to correspond with me I would be pleased to assist you in getting a PROPER resolution of this matter.

    Kevin Kelly is the person I would discuss your information with and if you are right and are owed money I can assure you Mr. Kelly is the person who can take care of this matter.

    Mistakes can happen but I worked for AIG for a very long time and I can tell you that is not how they operate. Like any large organization things can \”fall between the cracks\”.

    Feel free to communicate with me at fraudmgr@yahoo.com.

  • May 27, 2006 at 2:02 am
    CESAR BALBIN says:
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    I appreciate your response but I would rather talk to Mr. Kelly via this site. I have sent complaint letters to the chairmen of AIG, the mother company of Lexington on several occassions. I have not ever received a response and had to fly up to NY for the shareholders meeting to get one. I suppose you know all about this. I would appreciate you posting your name and telling me were you worked. And remember one thing, Hitler operated for a long time with the help of many who did not know the extent of what he was doing.
    If AIG wants to resolve my claims or Mr. Kelly, they can go see my Motion on Fraud filed in the Miami Dade County Court under FRCP 1.540 and look at that. He can talk to me via this public web site so everyone can see that he, Lexington nor AIG really give a DAM and do this every day. You are sadly confused about these companies. I will direct you to http://www.americaninternationalgroupsucks.com
    it outlines it all very well. I have specialed in finance and never seen a more corrupt organizaation than this. But if, as you say, these men want to resolve this, here I am but I will not go behind this site to do it.
    If I get a response which makes sence then I will know if you are a real former employee interested in resolution or another person sent to distract the public away from my case.
    By the way search the Federal Courts, tehy are full of the same allegations of fraud agianst AIG and its daughter companies.

  • May 27, 2006 at 2:05 am
    CESAR BALBIN says:
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    See this site.
    It spells out the worst enterprise in US history, AIG.

  • June 17, 2006 at 8:22 am
    CESAR BALBIN says:
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    I am still waiting for a next posting from the supposed ex AIG employee. Or for that matter a call from Mr. Kelly at LExington who is so anxious, ha ha, to resolve what occurred to me with my loss and for which i am still fighting ten years later. As you can see ladies and gentlemen they do not care. I have asked them to keep the chat on here and that I would go no where else. IF they want to they can pay me and I will let the world know. They know what they owe me so they can just send a check.

  • June 20, 2006 at 8:15 am
    Former AIG Employee says:
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    You seek a resolution of your claim of June 6, 1996 involving your commercial property in Miami, Florida and you want to discuss that resolution in this forum. Keep talking…

  • September 19, 2006 at 8:27 am
    Anonymous says:
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    NO I AM TRYING TO LET EVERY PERSON I CAN REACH KNOW THE WAY AIG HANDLES IT\’S CLAIMS AND THAT ELLIOT\’S CLAIMS ARE REAL. AIG IS A FRAUD AND GREENBURG AND THE REST ARE CROOKS. TOO BAD YOU HAVE NOTHING BETTER TO DO THAN TO DEFEND THESE CROOKS AND SORRY BUT YOUR NO FORMER EMPLOYEE. I HAVE MANAGED TO TRACE YOU TO A COMPUTER INSIDE AIG CORPORATE IN NEW YORK.

  • February 17, 2007 at 8:27 am
    BALBIN says:
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    LOOK AT CASE 06-287 IN THE 3RD DISTRICT COURT OF APPEALS ENTITLED BALBIN V LEXINGTON. (AN AIG DIVISION, WILL ALSO BE AVAIALABLE SOON ON http://WWW.AMERICANINTERNATIONALGROUP SUCKS.COM.)
    ALSO LOOK AT TWO CASES UNDER EACH OF THE NAMES SAEWITZ AND NOWAK. THESE WERE FILED IN FEDERAL COURT DOWN HERE IN MIAMI AND YOU CAN ORDER COPIES BY CALLING THE COURT AT 3055235100 LOCATED AT 301 NORTH MIAMI AVENUE.
    ALSO THERE IS A STROY RUNNING ROUND IN THE PRESS ABOUT LEXINGTON AIDING A OFREMR EMPLOYEE TRYING TO ESCAPE PROSECUTION AND CAPTURE FROM AUTHORITIES SEKING TO ARREST HIM FOR HIS ROLE IN ILLEGAL CLAIMS HANDLING TACTICS.

  • February 17, 2007 at 9:41 am
    Ex-AIG Employee says:
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    I was curious so I went to the search engine and found this information posted on a web site for the law firm that represented Lexington Insurance:

    \”Investigating a property loss claim determined to result from an incendiary fire, and then successfully defending the insurer in litigation and obtaining summary judgment against the insured for fraud in the presentation of the insurance claim. [Balbin vs. Lexington Insurance Company].\”

    As far as someone allegedly tracing me to AIG now (the 9/19 entry)…didn\’t happen. That\’s simply another fiction to influence readers. I now live in SC and haven\’t worked for AIG in more than 10 years…

  • March 21, 2007 at 8:46 am
    DORIS MCNULTY says:
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    This former AIG employee ( clearly defending the undefendable while acting as an AIG agent) is certainly preaching like a fool. Maybe he has hopes one day of also being paid off handsomely for his illegal and dishonest part in AIG\’s crooked plans. Do not hold your breath sir. Those years are long gone.
    AIG is probably the most crooked company is the US. It is an abomination and embarassment to this country. Your actions in defending them are just as bad. You are obviously one of the many sellouts. Your like Hitler\’s many many employees and soldiers that helped and committed the actual attrocities. AIG has engaged in so much fraud from: defrauding this charity, it\’s shareholders (for billions), the American public (by continuosly having crooked policiticnas give them money, tax breaks, and look the other way on their many crimes), it\’s many divisions, like Lexington Insurance which the other writer complaints about has gone as far as aiding a wanted criminal/ employee involved in illegal claims handling tactics to escape the authorities and leave the US, and so much more it is incredible. Yes, yes and yes. Almost every AIG company is not famous but infamous for their crooked claims handling tactics of lying, suborning perjury, offering to payoff witnesses, destroying files, attempting to illegally influence jurors and even judges. Balbin\’s case is not the exception but the norm. The only difference is that AIG and Lexington have been pretty dumb in just not paying him because he clearly has not cared for the money and refused your petty offeres (see one man\’s story americaninternationalgroupsucks.com). He has apparantely made this into a cause which seems to validate for him fighting back and for what is right. He refused your petty offers and withstood your many threats and attempts to black mail him and along the way this hero has exposed your majors scandals including your illegal accounting practices and for this AIG\’S chairman of 42 years was forced to resign and the company almost destroyed. For many of us Balbin is a hero who has defeated the world\’s most powerful SOB\’s Hank Greenburg and AIG. Along along the way has put this company under the carefull eye of the press and the authorities. Hopefully now they will not hurt so many people.

  • April 4, 2007 at 7:52 am
    Mario says:
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    I have studied AIG for long and made it a subject in school for some of my students. I agree on the extreme criminal behavior exhibited by AIG and it\’s employees and various divisions.
    We have had case studies where Balbin\’s name has come up for his quick, fierce and effective attacks against the company and which are very well deserved.
    Balbin has outlined and given proof (to apparently corrupt judges) that AIG division employees and counsel have not only repeatedly attempted to bribe witnesess, intimidate judges, lied to the court about facts and law, even attended hearings pretending to be Balbin\’s own laywers ( using a fill in attorney the judge had never seen before) to get orders passed while keeping Balbin and his lawyer away from court by not notifying them. They even repeatedly had orders entered by lying to the judge and then pretending later these were valid orders. Worst of all, this is what a home insurance company does. All this to make up false defenses raised by the \”former\” AIG employee. WOW. In fact they do this routinely on any case that goes as far as Balbin\’s.
    Balbin refused to settle for pennies or be intimidated by them. He was brave. So They kept up the fight. Balbin then stepped it up almost toppling the world\’s most powerful company. From now on it can only be referred to as the world\’s former most pwerful company. It\’s former chairman, formerly and arguably the world\’s most powerful man. A man instrumental in so many things including destroying our trade surplus by forcing trade with China (his effort to expand into China) and many ohter things has been embarrsingly forced to resign and disappear and the Bush\’s, who for long sang his praises, have distanced themselves from him. As has any smart politician. He also continues under criminal investigation while the company is under constant surveillance by the authorities who used to look the other way.
    I wish more people were willing to fight as hard as Balbin and then the world would be a much better place.
    I have a message for the \”former\” AIG employee. You are acting as one reader put it, as Hitler\’s men would, helping play AIG\’s games. Why do you not start by revealing your identity, like Balbin has. Also how would you be able to allege anything on this case or speak about this case if you claim to live in South Carolina and Balbin\’s files are presently unavailalbe and in Florida. I know because we have been trying to get some copies and have to wait. Between the time Balbin first posted a message in here and now they have been unavailable. You are a former employee who just collects litigation files from your former employer? Your employer has hundreds of thousands of open cases. Who do you think you are fooling?



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