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GEN Re settles calims over AIG to avoid prosecution

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posted on Jan, 22 2010 @ 02:25 AM
Heres an interesting article i found inmy local paper, The stamford Advocate, under the business section..
Reinsurer owned by Berkshire Hathaway avoids prosecution by payng $92 M

General Re Corp., the stamford based reinsurer owned by Warren Buffett's Berkshire Hathaway inc., agrred to pay more than $92 million to settle investor claims and end US investigations over its role in sham transactions with American Prudential Financial Inc. The company will pay $19.5 million to the US Postal Inspection Service Consumer Fraud Fund, $12.2 million to the Securities and Exchange Commission and $60.5 million to AIG shareholders in a class action settlement. Gen Re previously forfeited $5 million in fees linked to the AIG scheme. The deal lets Gen re avoid prosecution by the justice department and resolves an SEC civil lawsuit filed wednesday.
Gen Re was involved in sham transactions with AIG from 2000 to 2005 and a Prudential division from 1997 to 2002 that helped the two companies manipulate financial statements the SEC said in a complaint in federal court in Manhattan. Gen Re admitted to helping AIG overstate loss reserves.

Sorry this is no link for this, its in local paper, so pretty much just typed it out. it is sick, too see all over how much money you have you CAN buy yuorself out of prison..this is preverted and this the future o our children and america? wherre theo more yuo have, yuo can literally get away with murder and cauing thousands to loose thier homes? This not how a business or bank is supposed to work. They shoukld have payed it back AND doen time served along with a personal profile record, like WE all do in any court system.
Down with corporate america.stop buying.

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