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Strategies & Market Trends : The Residential Real Estate Crash Index

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From: saveslivesbyday	5/12/2008 5:55:08 PM
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AIG Should Postpone Annual Meeting, Greenberg Says By Hugh Son May 12 (Bloomberg) -- Former American International Group Inc. Chief Executive Officer Maurice ``Hank'' Greenberg said the insurer is in ``crisis'' and should delay the annual meeting so shareholders can consider the impact of two losing quarters. AIG investors have lost $80 billion in market value over the past year, Greenberg said today in a regulatory filing tied to the New York-based company. Shareholders need more time to discuss AIG management's reaction to the $7.81 billion first- quarter loss announced last week before they meet in two days at AIG headquarters, Greenberg said. ``Several top shareholders of AIG have called me expressing deep concern about the persistent and seemingly endless destruction of value at AIG,'' he wrote. The insurer said last week it needs to raise $12.5 billion and may face more writedowns after record losses tied to debt markets. Greenberg called the most recent quarters the worst in AIG's history. Greenberg has been criticizing AIG, now led by CEO Martin Sullivan, since he was forced out in 2005. AIG's board will respond to Greenberg's suggestion soon, spokesman Chris Winans said in a statement, declining to comment further. Greenberg controls the largest stake of AIG shares, at least 9.8 percent of stock as of May 1, according to Bloomberg data. The insurer's shares have declined 47 percent in the past year. AIG fell $1.77, or 4.4 percent, to $38.51 in New York Stock Exchange composite trading at 3:39 p.m. bloomberg.com

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