Spitzer Not Planning to Investigate Buffett
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New York Atty. Gen. Eliot Spitzer has no plans to investigate billionaire Warren E. Buffett for his role in a reinsurance transaction that triggered the resignation of American International Group Inc. Chief Executive Maurice “Hank” Greenberg, a person familiar with the matter said.
Buffett, chairman of Berkshire Hathaway Inc., was personally involved in the contract and is cooperating with Spitzer’s probe, said the person, who declined to be identified. Spitzer is examining whether Greenberg arranged the agreement with Omaha-based Berkshire to manipulate AIG’s financial results, the person said.
Shares of Berkshire fell 4% on Wednesday, the biggest drop in 10 months, on concern Buffett might become the next target in a 5-month-old investigation of fraud in the insurance industry. The stock recovered some of those losses, rising $2,005 to $88,200 on the NYSE.
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