http://money.cnn.com/2005/04/13/news...ex.htm?cnn=yes
Ex-AIG CEO gives $2.2B in stock to wife
Gift of 41.4 million shares given three days before Greenberg forced from post
April 13, 2005: 10:06 AM EDT
WASHINGTON (Dow Jones) - Maurice "Hank" Greenberg, who last month relinquished his posts as chairman and chief executive of American International Group Inc. ( AIG) amid intense regulatory scrutiny, reported Tuesday a gift of 41.4 million company shares to his wife, Corinne P. Greenberg.
According to a filing released by the Securities and Exchange Commission, the transaction took place March 11, three days before insurance titan AIG announced Greenberg had retired as president and CEO. The company said later in the month that Greenberg also would retire as chairman.
The shares Greenberg gifted to his wife are worth $2.2 billion at AIG's closing share price Tuesday of $53.20 .
As reported, Greenberg was interviewed Tuesday by regulators probing AIG's accounting. The regulators are looking into whether AIG, which Greenberg led for decades, used questionable financial transactions to improperly boost its results.
The SEC filing also disclosed that Greenberg exercised options on 11,012 shares last Friday and surrendered 5,780 shares to pay for the options exercise, retaining 5,232 shares.
Greenberg exercised options on the shares for $22.10 to $37.87 apiece.
Greenberg directly held 1.95 million AIG common shares after the transactions, and about 65.1 million shares indirectly, according to the filing. Greenberg's indirect holdings, however, apparently included the shares he gifted to his wife.
According to the SEC filing, Greenberg disclaims the beneficial ownership of shares of AIG common stock held by his wife and by trusts set up for his children and grandchildren.
and you thought Martha was naughty !
