Law
AIG Chief Admin Officer Sent On Leave
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Insurance company, American International Group has placed its Chief Administrative Officer, Michael Castelli on leave, amidst an accounting scandal. Castelli was sent on leave on Friday , according to AIG spokesman Joseph Norton. He declined to comment further. AIG has been at the centre of an investigation by New York Attorney General Elliot Spitzer and the Securities and Exchange Commission. AIG have allegedly used reinsurance to manipulate financial statements. The scandal has already cost the CEO, Maurice "Hank" Greenberg, his job. He was forced out following the company admitting to accounting improprieties, that could reduce AIG's net worth by $1.7bn. |
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