by lilacsigh » Tue Jan 08, 2008 05:03 am
The trial commenced today of five former executives that worked at a reinsurance unit of billionaire Warren Buffett''s Berkshire Hathaway Inc. The prosecutor says they engaged in a fraud that misled investors in American International Group Inc.
The Assistant U.S. Attorney stated that "The deal appeared to be legitimate, but evidence in reality showed the deal was nothing but a sham transaction to deceive analysts and shareholders -- and these five defendants knew it."
The Assistant U.S. Attorney stated that "The deal appeared to be legitimate, but evidence in reality showed the deal was nothing but a sham transaction to deceive analysts and shareholders -- and these five defendants knew it."
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