Monday, May 02, 2005

Giant Insurer Finds $1 Billion More in Flaws

NYT

No big deal only a Billion Dollars was ripped off.

The American International Group, the embattled insurance giant, said last night that an in-depth examination of its operations had turned up additional accounting improprieties going back to 2000 that would reduce its net worth by $2.7 billion, or $1 billion more than it had previously estimated.

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