HARTFORD, CONN.--A Merrill Lynch analyst testifying at the securities fraud trial of five insurance executives testified that after he looked at American International Group reserves, that prosecutors say were inflated with a sham transaction, he sent out a positive investors note.
Jay Cohen, who has been a property-casualty insurance analyst with Merrill since 1995, appeared as a government witness to give evidence concerning the deal that took place between the last quarter in 2000 and first quarter of 2001.
He was the second analyst to testify in U.S. District Court here concerning the finite reinsurance transaction between AIG and General Reinsurance unit Cologne Re Dublin.
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