Money

Former AIG Head Says He's Blameless for Financial Meltdown

| by DeepDiveAdmin

Former AIG chief executive Maurice Greenberg testified before Congress today, placing the blame for the insurance giant's risky financial strategy that helped precipitate the current economic crisis squarely on the shoulders of his successors.

"After AIG concluded internally that the business [subprime loans] was to risky to continue, they continues to write new contracts," said Greenberg. "After I left the management controls that I had in place to limit risk were reportedly weakened or eliminated."