Ken Lay -who led the fall of Enron
The practice of “cooking the books” seemed to be the order of the day and laws were abandoned by these titans of the US financial world and fine payments were seen as a resolution to the decay. Bush and Ken Lay had a major ties with Lay being a heavy contributor to Bush’s election campaign.
AIG helped Pittsburgh PNC fake its earnings by removing 762 million in loans from its figures on the balance sheet. The whole tainted corrupt scandals points the fingers at the head of SEC which has been absolutely clueless in finding, prosecuting and eliminating fraudulent, and corrupt CEO’s and putting an end to AIG earlier. Not only was the Securities and Exchange Commission asleep at the switch but the blames goes all the way up to the Department of Justice where heads should roll.
Ultimately our main head man in the culture of incompetence and corruption is George Bush who must bear the responsibility for the financial failure we are now facing in this struggling economy. The Republicans are responsible for reducing regulations which were lax and loosened in the last 8 years including those called for by John McCain.
The severance package for the current CEO Martin J. Sullivan who walked away from this mess with 5 million dollars and last year received a hefty 13.9 million dollars in compensation.
Elliot Spitzer -the man who could have stopped AIG
The company chief operating officer Martin Sullivan 50 years old was promoted back in March 2005 when Maurice finally stepped down. Sullivan who has 20 years of experience himself would have or ought to have known the credit swaps were a severe problem since they comprised 40 percent a good chunk of AIG’s value.
Greenberg’s two son’s Jeffery Greenberg and Evan Greenberg spent their careers as part of AIG and left when their father who rules with an iron fist would not relinquish power at the age of 80 years old.
In the long run Bush protected his friends by making it virtually impossible to bring charges against the executives who took great risks with investors and involved foreign banks to buy the fault insurance swaps who later would be reinbursed by the US government. Nice con.
Part 4- in the next post.
TAGS: Elliot Spitzer, AIG fuzzy Accounting, SEC, Maurice Greenberg, Jeffrey Greenberg, Evan Greenberg, Enron, Ken Day, George Bush, Bush administration, politics, Wall Street, Wall Street Casinos, insurance swaps, foreign banks, Martin Sullivan, AIG executives, politicol news, media, news.
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