AIG is going after the Starr International Foundation, a charitable endowment, in the hopes of seizing around $27 million in stock they say was promised to them in a long-ago agreement with former AIG CEO Hank Greenberg, who started the foundation. According to the Post, the insurer’s lawyers aren’t just going after money the foundation has set aside, they’re going after the money they’ve already doled out. Which means if they win, it would be very bad news for, among others, the homeless children in the Bronx who were told last week that they were getting a clinic. Sorry, kids. You see, AIG really needs the money.
Because, they say, they have to:
“attract and retain top employees to manage the business, preserve and restore stockholder value and ultimately repay taxpayers.”
In other words, they need it pay high salaries and bonuses. Well. We suppose one good thing could come out of this. They could use some of the cash to hire a PR person.
AIG CHARITY GRAB [NYP]