1 hour, 30 minutes ago NEW YORK (Reuters) - Former American International Group CEO Maurice "Hank" Greenberg has said the insurer is in "crisis" and urged a delay in its annual general meeting scheduled for Wednesday, according to a letter he sent to the board of directors."Several top shareholders of AIG have called me expressing deep concern about the persistent and seemingly endless destruction of value at AIG," Greenberg said in the May 11 letter, a copy of which was filed with the U.S. Securities and Exchange Commission on Monday.
The letter followed AIG's announcement last Thursday of a $7.8 billion first-quarter loss, its largest-ever, as a result of a large write-down to the value of securities linked to subprime mortgages. The company, at the time, said it would raise $12.5 billion to strengthen its balance sheet.
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