The Daily Caveat wrote yesterday about the ramp up of an SEC investigation in Berkshire Hathaway's subsidiary , General Re - specifically a re-sinsurance deal involving General Re and embattled insurer, American International Group.

Former General Re-er and current TIAA-CREF CFO, Elizabeth Monrad has become the second company exec to receive a dance card invite from the SEC. Monrad requested and has been granted a leave of absense (unpaid) from TIAA-CREF (which has has been dealing with its own embarassing situation of late) to address the SEC notice.

Current head of TIAA-CREF's internal audit functions, Russell Noles, will be stepping into Monrad's shoes as interim CFO.

Last week General Re, senior vice president Rick Napier was received his own Wells Notice. The SEC claims that Napier assisted AIG in falsifying accouting records. Monrad's notification is reported to involve her potential role in alleged the cover-up.

More here.

And for a refresher on how these two execs came to be implicated, check out this April 2005 New York Times article, courtesy of the Hendersonville Times.



-- MDT

Labels: AIG, background checks, General Re