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Probes into Berkshire's Gen Re widen
By Jonathan Stempel NEW YORK (Reuters) - An executive at TIAA-CREF, one of the largest U.S. pension funds, may be sued by securities regulators in connection with her former job at General Re Corp., the reinsurance unit of Warren Buffett's Berkshire Hathaway Inc.(BRKa.N: Quote , Profile , Research ) (BRKb.N: Quote , Profile , Research ) . TIAA-CREF granted Chief
financial Officer Elizabeth Monrad, who once held the same position at General Re, an unpaid leave of absence after learning she may face a U.S. Securities and Exchange Commission lawsuit, the fund said on Tuesday. Monrad is at least the second top General Re executive to get a "Wells notice" from the SEC. Berkshire on May 6 said a current General Re senior vice president also received one. Published reports have identified him as Richard Napier. The SEC is probing accounting problems at insurer American International Group Inc. (AIG.N: Quote , Profile , Research ) . The New York Times, citing an unnamed source, said the SEC notice to Monrad concerns her role in altering paperwork for that transaction. Jacob Frenkel, a former SEC enforcement lawyer, said the SEC's speed in investigating and in issuing Wells notices "appears to show the Commission's sensitivity to the high-profile nature of the investigation. "If the SEC actually sues these individuals, there is a strong possibility it will charge the company for its conduct," added Frenkel, now a partner at Shulman, Rogers, Gandal, Pordy & Ecker PA in
rockville, Maryland. A Wells notice indicates that SEC staff has found possible infractions, and gives the recipient a chance to respond. Investigators are examining a 2000 reinsurance contract involving Stamford, Connecticut-based General Re that helped AIG improperly increase its reserves by $500 million. Monrad requested the leave, which was made final on Tuesday, TIAA-CREF spokeswoman Stephanie Cohen Glass said. General Re did not immediately return calls seeking comment. SEC spokesman John Nester declined to comment. Monrad could not immediately be reached. Regulators have in recent months sought information from many insurers and reinsurers over the possible improper use of non-traditional reinsurance products. They want to know if the products really function as loans to smooth earnings, and don't transfer sufficient risk associated with insurance. Continued ...
Source: reuters.com