Win VIP tickets
The items, along with hundreds of other personal effects, were left behind in Mr Greenberg’s Lower Manhattan offices when he was ousted from AIG in March. But when he sent removers to collect the articles last week, AIG lawyers turned them away.
Mr Greenberg, who turned 80 yesterday, is understood to be furious and has threatened legal action against AIG to retrieve his belongings, which include a Remington sculpture, letters from his mother during his service in the Second World War and the Korean War, photographs of himself being awarded the Bronze Star, cards from heads of state, and his underwear.
Mr Greenberg was said to have become concerned about his belongings when he learnt that AIG lawyers were taking an inventory, and telephoned his handpicked replacement, Martin Sullivan. The new chief executive is understood to have assured him that he could collect the items. The range of personal effects that Mr Greenberg kept in his office reveals how deeply entrenched he was at the company he built over four decades.
“He didn’t draw a clear line between the company and him,” Professor John Coffee, a white-collar crime expert at Columbia University, said.
There is no suggestion that Mr Greenberg bought the items with company money but AIG lawyers are reluctant to allow any of his possessions to leave the building until an investigation into AIG’s accounting practices is complete.
This week the insurer implicated Mr Greenberg in some questionable accounting activities, saying that senior executives had been able to “circumvent” internal accounting controls. In an 11-page report, AIG said newly uncovered discrepancies in its accounts would reduce the insurance giant’s book value by $2.7 billion (£1.4 billion).
Mr Greenberg’s lawyers have complained bitterly that they have not been given an opportunity to view the report. David Bois, his lead attorney, took issue with AIG’s argument that there were inadequate financial controls at AIG, which he said “is at odds with the good faith efforts of the board, AIG’s auditors, and the company’s senior management”.
Investigators are also said to be examining a stock award of 15,000 AIG shares from Mr Greenberg to Henry Kissinger in the 1990s. The award was made to thank Mr Kissinger, the former US Secretary of State, for his advisory services. Such payments are not unusual and the award, which could have helped AIG to form business relationships overseas, may not be contentious.
From Van Gogh to underwear
The items Greenberg is hoping to recover
Win a luxury weekend to Newcastle and its neighbour Gateshead, find out more here
Risk, resilience and embracing new technology
Industry sectors news at a glance. Interactive heatmap, video and podcast
Discover the power of collective thinking. Submit a solution and be in with a chance to win a Media Hub Home Entertainment System
The inside track on current trends in the charity, not for profit and social enterprise sectors
Everything the Business Traveller needs to know to make a better trip
Make the most of the summer and enter our fabulous photographic competition, you could win a £5000 holiday
Corsica is an island of beauty and contrast, an ideal holiday destination
Enjoy further reading from Travel to Fashion, Business to Sport, discover more
Shortcuts to help you find sections and articles
The clever way to lease a new car is with Car leasing made simple™
2009
per month on 36-month
Personal Contract Hire (PCH)
2008
42850
Car Insurance
£23,093 - £56,211
The Office for National Statistics
Newport, South Wales
£60,000
The Environment Agency
Bristol
Up to £90K
Boots
Midlands
OTE £85k
Credit Protection Association
Nationwide Opportunities
Completely London
Luxury Condo's in Manhattan with NYC views
The best new homes in Wimbledon?
Nationwide
Fabulous Cruise And Cruise & Stay Offers Including Virgin Atlantic Flights Prices Start From Only £699pp!
Last Minute Cruise And Cruise & Stay Offers. Med From £499pp, Caribbean From £699pp!
5 star quality at a 3 star price.
8 fabulous Canadian cities ...you won’t find cheaper
Contact our advertising team for advertising and sponsorship in Times Online, The Times and The Sunday Times, or place your advertisement.
Times Online Services: Dating | Jobs | Property Search | Used Cars | Holidays | Births, Marriages, Deaths | Subscriptions | E-paper
News International associated websites: Globrix Property Search | Property Finder | Milkround
Copyright 2009 Times Newspapers Ltd.
This service is provided on Times Newspapers' standard Terms and Conditions. Please read our Privacy Policy.To inquire about a licence to reproduce material from Times Online, The Times or The Sunday Times, click here.This website is published by a member of the News International Group. News International Limited, 1 Virginia St, London E98 1XY, is the holding company for the News International group and is registered in England No 81701. VAT number GB 243 8054 69.