Former CEO and Shareholder Clamors for Change at AIG

American International Group former CEO Maurice R. "Hank" Greenberg has declared his interest to look for "strategic alternatives" for the giant insurance company he helped build, according to stories yesterday in The Wall Street Journal and today’s Financial Times. Greenberg led AIG for decades before retiring in 2005 amid an accounting scandal.

AIG and Greenberg, 82 years old, have been dueling ever since his departure. The two sides have lawsuits pending against each other relating to stewardship of the company. The Journal reports that investors are jittery. AIG shares fell more than eight percent in midday trading one day last month, before largely bouncing back. Much of their nervousness stems from potential exposure to the subprime mortgage market. AIG is 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.