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  •  Same article back in 2005... (1+ / 0-)
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    Greenberg and AIG still face criminal investigations from federal prosecutors on at least two fronts.

    In New York, federal prosecutors are exploring possible criminal charges related to the stock trades, according to documents AIG filed with the Securities and Exchange Commission.

    And federal prosecutors at the Justice Department in Washington and in the Eastern District of Virginia also are investigating AIG's use of an insurance product known as finite risk reinsurance, which has been used by some public companies to smooth earnings and make their books look better.

    The center of that investigation is a $500 million finite reinsurance deal conducted in 2000 and 2001 between AIG and General Re Corp., a unit of Berkshire Hathaway Inc. Investigators are exploring whether the deal improperly inflated AIG's reserves. In June, two former General Re executives pleaded guilty to conspiracy to violate federal securities laws in connection with the deal and agreed to cooperate with prosecutors. That investigation continues.

    "Do what you can with what you have where you are." - Teddy Roosevelt

    by Andrew C White on Tue Jan 08, 2013 at 08:29:30 AM PST

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