NEW YORK, March 28 (UPI) -- U.S. regulators have subpoenaed 12 executives of New York-based AIG, in a widening investigation of the insurance giant, the Wall Street Journal reports.
The Securities and Exchange Commission wants to know if questionable transactions were used by American International Group Inc. to improperly bolster its financial position, the Journal reported Monday.
The Journal also said the company's board, overseeing an internal investigation of the transactions, could soon decide whether to formally sever ties with Chairman Maurice R. "Hank" Greenberg.
The 79-year-old Greenberg, who has been the driving force in the company for the past four decades, was replaced as chief executive two weeks ago but was retained as chairman.
The investigations concern a transaction in 2000 that appeared to have been used to boost the company's reserves artificially, the report said.
Greenberg is scheduled to give a deposition to New York Attorney General Eliot Spitzer April 12.
