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The story of what Maurice R. "Hank" Greenberg did with $4.2 billion in American International Group Inc. stock supposedly held in trust for employees' retirement was a tale of "anger, betrayal and cover-up," a lawyer for the beleaguered insurance giant told a federal jury yesterday. AIG's attorney, Theodore V. Wells, said Mr. Greenberg was angry for being "kicked out" as chief executive in March 2005 and used his position to sell the stock that had been held in trust for AIG for 35 years by an overlapping private investment firm, Starr International Co., also called SICO, controlled by Mr. Greenberg.
June 16, 2009 at 12:00 AM
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