Monday, April 11, 2005
It looks like Spitzer is going to force Maurice Greenberg, former CEO of AIG, to either testify or take the 5th. (see Wall Street Jrl here) And it seems like no continuances are in store for him. Our posts here, here, here show the growing pressure on individuals associated with AIG. And here we raised the issue of what Greenberg should do- talk or walk. We noted that Robert Morvillo, Greenberg's attorney, formerly represented Martha Stewart. And we asked -- what would she advise here in light of her experiences? Greenberg has one advantage, that others from AIG may not have had; and that is that he is no longer with the company, so a threat of a job loss won't mean anything.
When someone believes they have nothing to hide it is tough to take the 5th Amendment. But sometimes, especially when the documents are numerous, a misstep in memory may be devastating. So what will Greenberg do? Later today will tell more.....