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Loss of Coordination; Spitzer and Federal Officials Pursuing Insurance Probe Separately
[FINAL Edition]
| Publication : | The Washington Post- Washington, D.C. |
| Author : | Dean Starkman and Carrie Johnson |
| Date : | Jul 19, 2005 |
| Abstract (Document Summary) |
| Evidence of the breach surfaced soon after the [Warren E. Buffett] interview. On May 2, in a speech to business writers and editors in Seattle, [Eliot L. Spitzer] blasted the Bush administration for failing to investigate illegal practices in the insurance industry after Spitzer-led investigations resulted in 10 guilty pleas from insurance executives and industry fines and restitution of more than $1 billion. Spitzer is running for the Democratic nomination for governor of New York. The Spitzer-federal rivalry goes back to at least 2002, when Spitzer accused Merrill Lynch & Co. and stock analyst Henry Blodget of publishing tainted stock research that misled investors. The case triggered a wider probe of Wall Street research that was widely viewed as embarrassing to the SEC, which has primary responsibility to regulate the securities industry and eventually signed onto a $1.5 billion global settlement with a dozen brokerages. Spitzer and the SEC issued subpoenas to AIG the same day, Feb. 14. The announcement and subsequent developments sent AIG's share price plummeting and ultimately led to the ouster of AIG's longtime chairman and chief executive, Maurice R. "Hank" Greenberg, the next month. Called to a deposition before SEC lawyers, federal prosecutors and Spitzer's staff on April 12, the day after the Buffett interview, Greenberg invoked his Fifth Amendment right against self-incrimination. hide... | | Evidence of the breach surfaced soon after the [Warren E. Buffett] interview. On May 2, in a speech to business writers and editors in Seattle, [Eliot L. Spitzer] blasted the Bush administration for failing to investigate illegal practices in the insurance industry after Spitzer-led investigations resulted in 10 more... |
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