This is insane:
Federal regulators accused Maurice R. Greenberg, the former chief executive of the beleaguered American International Group, on Thursday of overseeing deals that fraudulently overstated A.I.G.’s financial position, charges that came after a four-year investigation.
Mr. Greenberg, 84, will pay $15 million to settle the suit, an agreement that was announced simultaneously as the government described the charges against him. A former chief financial officer at A.I.G., Howard I. Smith, will pay $1.5 million to settle similar accusations.
The civil fraud charges predate the recent financial cataclysm at A.I.G., which has received $180 billion in government bailout money and is now 80 percent government-owned. Regulators said the fraud stemmed from fake reinsurance transactions, efforts to mask losses by using offshore shell entities and other transactions that seemed to bolster A.I.G.’s reserves and gains from investment income.
Guys like Greenberg blow through 15 million by lunch. This is the equivalent of making someone sit in the corner for five minutes for confessing to multiple murders. Anyone else remember this:
A homeless man robbed a Louisiana bank and took a $100 bill. After feeling remorseful, he surrendered to police the next day. The judge sentenced him to 15 years in prison.
Roy Brown, 54, robbed the Capital One bank in Shreveport, Louisiana in December 2007. He approached the teller with one of his hands under his jacket and told her that it was a robbery.
Break out the foam fingers, folks! All together now! USA! USA! USA! USA!