SEC Slaps Greenberg on AIG Accounting

It's another black eye for ailing insurance giant American International Group (AIG). On Aug. 6, the Securities & Exchange Commission charged that former Chief Executive Maurice "Hank" Greenberg and former Chief Financial Officer Howard Smith were involved in numerous improper accounting moves between 2000 and 2005. The two men settled without admitting or denying guilt. Greenberg will pay a penalty of $15 million; Smith, $1.5 million.

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