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Transcript of AIG Scandal
On March 30, 2005 - AIG reveals that the reinsurance deal with Gen Re should have been accounted for as a deposit.
On May 31, 2005 - Restatement amounted to reduction in 2004 net income of 1.32 billion
AIG used reinsurance accounting; Gen Re used deposit accounting The Lehman Brothers
CEO, Robert B. Willumstad
Vice President, Jake DeSantis How did it affect our economy? American
Group A I G AIG had used $182 billion in tax payers money to be bailed out of debt
In the 4th quarter they had posted a loss of $61.7 billion When did it happen? September 16,2008 in New York City, New York AIG is now trying to rebuild their buissness so they can eventually sell it to china after they build it to a point that it is to big to fail. The company is looking at purchasing mortgages as investment vehicles.