Company Frauds So Terrible You Won’t Believe They Actually Happened

AIG Needs Their Own Insurance

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The American Insurance Group was rocked hard in 2005 after it was revealed the company had manipulated stock prices and rigged bidding for investors. CEO Hank Greenberg also booked loans as revenue, told traders to inflate stock prices, and told clients to work with insurers the company already had payoff agreements with.

The $3.9 billion alleged fraud was settled with the SEC for $1.64 billion in 2005 and Greenberg was fired. WIth no official charges or arrests, Greenberg was never subjected to sentencing or possible jail time. Three years later, after posting the largest loss ever in company history, AIG execs rewarded themselves with almost $200 million in bonuses. No new investigation is pending.