Tuesday, February 26, 2008

MAYBE THIS WILL BE A WAKEUP CALL TO THE MOTU

Some of the Masters of the Universe have been dealt a blow by the criminal justice system. I usually read that these folks get a few years but this time, they are looking at FOREVER TIME.

Five Former Insurance Execs Found Guilty
12 hours ago

HARTFORD, Conn. (AP) — Five former insurance company executives were found guilty Monday of a scheme to manipulate the financial statements of the world's largest insurance company, American International Group Inc.

The defendants, including four former executives including a onetime CEO of General Re Corp., and a former executive of AIG, sat stone-faced as they were convicted of conspiracy, securities fraud, mail fraud and making false statements to the Securities and Exchange Commission.

The defendants were former General Re CEO Ronald Ferguson; former General Re Senior Vice President Christopher P. Garand; former General Re Chief Financial Officer Elizabeth Monrad; and Robert Graham, a General Re senior vice president and assistant general counsel from about 1986 through October 2005.

Also charged was Christian Milton, AIG's vice president of reinsurance from about April 1982 until March 2005.

Ferguson, Monrad, Milton and Graham each face up to 230 years in prison and a fine of up to $46 million. Garand faces up to 160 years in prison and a fine of up to $29.5 million.

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