AIG Fires Two Top Executives
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American International Group Inc. fired two top executives after they signaled they would invoke their constitutional right to silence amid a regulatory investigation, the company said Tuesday.
The insurer late Monday terminated Howard Smith, who had been its chief financial officer until he took leave last week, and Christian Milton, a vice president of reinsurance. Milton also had been on leave.
“Both executives were terminated pursuant to the company’s policy that requires its employees to cooperate with regulators on matters pertaining to the company,” an AIG spokesman said.
Regulators are investigating whether AIG manipulated its accounts to mislead investors.
AIG is under investigation by the Securities and Exchange Commission and New York State Atty. Gen. Eliot Spitzer, in part over a reinsurance deal with General Re Corp., a subsidiary of Warren Buffett’s Berkshire Hathaway Inc., that may have been used to enhance its financial statements.
AIG shares declined $1.70 to $56.20 on the New York Stock Exchange.
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