AIG And Berkshire Hathaway Had Secret Non-Compete Agreement

Berkshire Hathaway Inc. (NYSE:BRK.A) (NYSE:BRK.B) and American International Group Inc (NYSE:AIG) had a secret non-compete agreement in place over hiring employees for a year that has now ended, according to a recent Bloomberg TV interview.

AIG threatened legal action against Berkshire Hathaway

The interview revealed that American International Group Inc (NYSE:AIG) threatened legal action in order to encourage Warren Buffett’s Berkshire Hathaway Inc. (NYSE:BRK.A) (NYSE:BRK.B) to agree not to hire additional AIG’s executives for one year.  Berkshire had poached AIG executives Peter Eastwood, David Fields, Sanjay Godhwani and David Bresnahan in 2013 for what Buffett described as a “big time” expansion into business insurance coverage. That “big time” move, however, hasn’t amounted to much in the way of results, AIG’s...