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AIG Faces Fraud Investigation

Brian W. Smith
Brian W. Smith
Contributor
Posted by Brian W. SmithSeptember 25, 2008 11:05 AM
Tags: AIG, AIG bailout, insurance bailout, insurance fraud, AIG fraud investigation, FBI
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American International Group Inc. (AIG) was the beneficiary of an $85 billion loan intended to help stave off bankruptcy, but now the nation's largest insurer faces an FBI investigation. According to law enforcement officials, the FBI is looking at potential fraud by mortgage finance giants Fannie Mae and Freddie Mac, and insurer American International Group Inc.

The inquiries will focus on the financial institutions and the individuals that ran them, a senior law enforcement official said.

AIG spokesman Joseph Norton said Wednesday that the company did not have details about the FBI investigation, but he said "of course we will cooperate."

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John Boncore
Posted by John Boncore
October 21, 2008 8:34 PM

AIG , Leahmans, and many others were major beneficiaries of 15 billion dollars put option stock trading on Wall street prior to 911.

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