NU Online News Service, June 17, 12:15 p.m. EDT

The U.S. Securities and Exchange Commission has ended itsinvestigation of American International Group Inc. (AIG) and JosephCassano, former head of the company's Financial Products unit.

No charges were filed.

"We are pleased that the commission, like [the U.S. Departmentof Justice], has decided to close its inquiry, which is completelyappropriate in light of the facts," said F. Joseph Warin and JimWalden, attorneys for Mr. Cassano from the firm Gibson Dunn &Crutcher.

The DOJ closed its investigation last month without filingcharges.

"We think they realized that our client acted in good faith,kept his superiors informed, and was honest with investors," theattorneys added.

AIG said it continues "to cooperate with other authorities ontheir assessment of these events as we focus on strengthening ourbusinesses and repaying America's taxpayers."

Mr. Cassano left AIG in March 2008. Authorities probed theformer executive to determine if he and other AIG executives misledinvestors.

AIG's Financial Products unit, with its dealings in creditdefault swaps, was at the center of the company's nearcollapse--which led to the federal government making $182.3 billionavailable via the Troubled Asset Relief Program to bail out themassive company. AIG said it owed the government $101.6 billion asof March 31.

A recent Congressional Oversight Panel report questioned whether the government will ever get all its moneyback. The bailout has distorted the marketplace and poses an"extraordinary risk to taxpayers," the report states.

Federal Reserve Board Chairman Ben Bernanke recently toldlegislators he believes AIG will repay the government.

At a shareholders meeting last month, AIG President and ChiefExecutive Officer Robert Benmosche said the company remains committed to repaying its debt to the federalgovernment.