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Former American International Group (AIG Quote) CEO Maurice "Hank" Greenberg slammed his old company in the wake of its big first quarter loss, and asked its board to postpone its annual shareholders meeting this week.
"AIG is in crisis," Greenberg wrote in a letter to the AIG board of directors, filed with the Securities & Exchange Commission on Monday.
Last Thursday, AIG announced a record $7.8 billion quarterly loss due in part to huge writedowns on its credit default swap portfolio. It also unveiled plans to raise $12.5 billion to shore up its balance sheet, while confounding some shareholders by also raising its dividend by 10%. ...
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