March 31, 2005
AIG Stops to Take a Breath
With all the recent news concerning AIG, it was not surprising for them to issue a statement on Wed. saying --hold on -- we need a little time to regroup.
The company issued a public statement saying:
"American International Group, Inc. ("AIG") announced today that the filing of its 2004 Form 10-K will be delayed beyond the March 31, 2005 extended due date in order to provide AIG, its Board of Directors and its new management adequate time to complete their extensive review of AIG's books and records."
The company further states that "[i]n view of its continuing review, management has not yet completed its assessment of the effectiveness of AIG's internal control over financial reporting as of December 31, 2004. The assessment will be made prior to the filing of AIG's Form 10-K."
Although the statement is understandably tentative on some issues, namely those still needing closer internal scrutiny, it is forthcoming on other points. Immediately prior to a list of transactions is the following statement:
"The continuing review has led AIG management to conclude that the accounting for certain of these matters may need to be recharacterized or otherwise adjusted. Certain but not all of the original characterizations resulted from transactions which appear to have been structured for the sole or primary purpose of accomplishing a desired accounting result."
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