February 12, 2008
AIG's Auditors Find Material Weaknesses in Valuing Complex Instruments
More news that calls in question the risk management systems at leading financial institutions -- AIG reported a $4.88 billion charge (5 times more than it predicted in December) resulting from "material weaknesses" identified by its auditor PricewaterhouseCoopers that understated its losses on credit default swaps, or complex financial instruments linked to mortgages and corporate debt. NYTimes, New Losses at A.I.G. Trouble Wall Street; WSJ, AIG Is Forced To Write Down Mortgage Links.
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