Hard to believe this was 2005 (seems more recent):
Spitzer Claims ‘Powerful’ Evidence Against AIG; Stresses Today’s Witness Buffett Not Subject of Probes
April 10, 2005
…Spitzer, the New York State Insurance Department and the SEC have been investigating AIG’s accounting practices primarily related to a reinsurance transaction with General Reinsurance and dealings with other offshore reinsurance companies. AIG’s relationship with Starr International Co. is also under scrutiny.
Whatever one thinks of Spitzer, I firmly believe he was on the right track with many of these financial corporations. I have no doubt that his “indiscretions” were used against him because he was so tenacious in his investigations. He was too close to the fire.
AIG was having “accounting” problems back then, and I thought at the time that they were unwinding some of their derivatives exposure (as Buffett was doing after this investigation).
