WEST PALM BEACH, FL (www.hedgeco.net) – Warren Buffett, the miracle of Omaha was recently questioned by regulators looking into the probe involving the Insurance Company of American InternationalGroup {AIG}. Speaking to reporters after his questioning, Buffett said he disclosed to investigators all he knows about the case. However, the lawyers for the former Chairman of the AIG Group,Maurice Greenberg, said, their client would invoke his fifth amendment, in declining to answer SEC questions.
Mr. Greenberg is scheduled to appear before SEC investigators on Tuesday. According to his lawyers, there are numerous issues and transactions involved in this case, and some of those transactions happened long time ago. Mr. Greenberg�s attorneys also said that their client cannot adequately prepare to answer such question given the short time duration.
The SEC authorities along with the New York State Attorney General Elliott Spitzer are looking into transactions involving the AIG and General Re Corp, a subsidiary unit of Warren Buffett�s Omaha based Berkshire Hathaway Inc. As with cases of that nature, SEC authorities had no comment. Marc Violette, a spokesman for New York Attorney General Eliot Spitzer, speaking about the possible invocation of the Fifth Amendment by Mr. Greenberg, said Mr. Greenberg had the right to do so.
Mr. Greenberg noted that his former employer, AIG Corp undertakes millions of transactions each year. It is therefore difficult for him to answer investigators questions based on such broad scope, until the scope of the investigations are narrowed. Greenberg said, “I am willing to accept responsibility and to account for the performance of my duties, but I believe that good order and fairness require that I have an adequate opportunity to be advised of the issues to be investigated and to my alleged involvement therein.�
Paul Oranika
Editor-in-Chief
HedgeCo.Net
Email: Editor@hedgeco.net
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