AIG Admits Improper Accounting On Gen Re Deal Additional bookkeeping problems could cost carrier up to $1.66 billion
American International Group, under intense regulatory scrutiny, made a startling admission last week that its ongoing internal review had unearthed "improper" finite reinsurance accounting with General Re and other problems in its bookkeeping methods, with possible adjustments adding up to a book-value loss of $1.66 billion.
The insurers review process is by no means over. AIG postponed its 2004 10-K filing with the Securities and Exchange Commission for a second time last weekuntil the end of Aprilas the company and its new top management continue to look for other accounting problems.
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