Former AIG finance chief quits board

Hot on the heels of former AIG chief Maurice Greenberg’s resignation, director Howard Smith – the company’s former CFO – has resigned from the troubled insurer’s board.

Link: Former AIG head leaves under accounting fraud cloud

The two directors had already stepped down from their executive roles amid investigations into the insurer’s accounting.

The New York Attorney General has brought claims against the company and both directors claiming fraud and manipulation of AIG’s books.

AIG has previously stated that ‘material weaknesses’ in its control systems had reduced its book value by over £1bn.

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