American International Groupformer CEO Maurice R. “Hank” Greenberg has declared hisinterest to look for “strategic alternatives” for the giant insurancecompany he helped build, according to stories yesterday in The Wall Street Journal andtoday’s Financial Times. Greenberg led AIG for decades beforeretiring in 2005 amid an accounting scandal.
AIG and Greenberg, 82 years old,have been dueling ever since his departure. The two sides have lawsuits pendingagainst each other relating to stewardship of the company. The Journal reportsthat investors are jittery. AIG shares fell more than eight percent in middaytrading one day last month, before largely bouncing back. Much of theirnervousness stems from potential exposure to the subprime mortgage market. AIGis scheduled to report third-quarter earnings tomorrow.
Greenberg made his statements in a 13D filing to the Securities and Exchange Commission last week. Such a filing doesn’t commit a filer to a specific action.