Former AIG boss set to go on trial at 91-years-old

Former AIG boss Hank Greenberg is to go on trial in New York this week over a decade after civil charges were filed.
The 91-year-old, alongside the firm’s former chief financial officer Howard Smith, is accused of engineering bogus transactions to hide the insurance giant’s financial difficulties, the BBC reports.
Both have denied the allegations.
The charges were filed by then-New York Attorney General Eliot Spitzer in 2005, but  Greenberg and  Smith have fought them, saying they have no merit.
However, the Court of Appeals said there’s enough evidence for the trial to proceed.
Current New York Attorney General Eric Schneiderman said he wanted to pursue the case to show “no one, no matter how rich or powerful, can evade responsibility for misconduct.”
Greenberg’s lawyer, David Boies, has said he believes the lawsuit was driven by Mr Spitzer’s political motivations.
“This case was brought by Eliot Spitzer expressly because he was angry at Hank Greenberg,” Mr Boies said.
The trial before Justice Charles Ramos of New York state court in Manhattan, which will take place three days a week, is expected to last for up to six months.
The insurance giant almost collapsed in the 2008 financial crisis.
The firm, which issued credit guarantees for sub-prime mortgages, was bailed out by the US government, which took an 80% stake in the firm and provided nearly $185bn in aid.
Sub-prime loans are those given to people with patchy credit histories or who cannot prove their incomes.
Greenberg resigned from the firm in March 2005.