Reply #101: AIG Probe Expands to Near 20 Deals-Source [View All]

[UpInArms]

http://abcnews.go.com/Business/wireStory?id=633172

Apr 1, 2005 — NEW YORK (Reuters) - Investigators probing American International Group Inc. <AIG.N> are looking at about 20 transactions that could have been improperly accounted for by the insurer, a source close to the investigation said on Friday.

"They are pretty significant transactions," the source said, referring to the expanding list of deals under investigation by federal and state authorities.

Previously, sources have said authorities were looking at around 10 transactions for evidence of improper accounting at AIG. AIG is the subject of investigations by the office of the New York State attorney general and the U.S. Securities and Exchange Commission over accounting treatment of certain transactions.

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"It seems there was a pervasive attitude, certainly in the financial division of AIG, to at best use aggressive accounting practices," the source said. He added that investigators were also examining accounting records of counter parties to some of the transactions.

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"no impact" :rofl: