Tuesday, February 15, 2005

AIG Subpoenaed

This was probably not the valentine's gift that those associated with American International Group Inc. (AIG) were hoping to receive -  a notice informing them of subpoenas from the Office of the Attorney General of New York (Spitzer) and the SEC.  AIG issued a news release on 2-14 stating:

"Subsequent to the earnings conference call on Wednesday, February 9, AIG received subpoenas from the Office of the Attorney General for the State of New York and the Securities and Exchange Commission relating to investigations of non-traditional insurance products and certain assumed reinsurance transactions and AIG's accounting for such transactions. AIG will cooperate in responding to the subpoenas."

AIG has been in the news recently. (see post).  What may be interesting with respect to the timing here, is that the subpoenas are arriving immediately after an internal investigation.  See Wall St. Jrl for more.

(esp)

http://lawprofessors.typepad.com/whitecollarcrime_blog/2005/02/aig_subpoenaed.html

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