Maurice “Hank” Greenberg, the former chief executive officer of AIG sold off 40m shares of the stricken US insurer for about $126m after the stock tumbled more than 90% this year, reports Bloomberg. Starr International, a firm run by Greenberg, sold 35m AIG shares at $3.06 each, while Greenberg, 83, sold 5m shares for about $3.77 apiece. He still controls more than 10% of the company. Greenberg is selling shares “for liquidity,” according to another regulatory filing. Greenberg and companies he runs owned about 11% of AIG, the largest block, before Thursday’s sales. AIG averted collapse last week by agreeing to a federal takeover. Greenberg was among investors who met Sept 22 to discuss raising money to reduce federal involvement in a rescue. AIG said the next day it signed a deal for an $85bn Fed credit line, reducing the options left for dissident shareholders. AIG dropped nearly 9% to $3.02 in NY late afternoon trading after rising as much as 32%, as investors took Greenberg’s move as a sign that perhaps they, too, should sell.
