Wednesday, February 13, 2008
AIG's new accounting problems are causing consternation on Wall St. just as the criminal trial involving a past AIG accounting fraud, involving phony loss reserves, is about to go to the jury. NYTimes, At Trial, Lawyer Says Buffett Gave Approval. PricewaterhouseCooper's report of a "material weakness" in the valuing of AIG's subprime mortgage-linked securities resulted in a $5 billion writedown and concern that further writedowns are still ahead. WSJ, Is AIG on Slippery Slope?