Account Assignment

Account Assignment
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  • Yes, I am done.
  • Have u did the research on AIG's scandal ?
  • The company has faced many problems, one of it was a massive accounting fraud.
  • American International Group (AIG) was established in 1921. It is a multinational insurance corporation.
  • In 2001, SEC learns that AIG has assisted a client company in bolstering its balance sheet through a false insurance transaction, the investigation starts from here.
  • The main players of this scandal are Hank Greenburg(CEO of AIG) and Ron Ferguson(CEO of GenRe).
  • A bid rigging complaint was filed against AIG and other participants of the scandal in 2004.
  • For the past 5 years, AIG was creating faulty statements to conceal their losses and deceive analysts and investors into thinking they had exceptional financial results.
  • In 2003, SEC and Justice Department settle with AIG by imposing a $ 10 million Civil Penalty.
  • Due to CEO Hank Greenburg’s actions, AIG’S business and also the reputation and bond among customers was damaged.
  • There were many unethical behaviours by AIG, one of it was taking risks with unregulated investment products while using cash from people’s insurance policies
  • Due to this unethical behaviour there was a decrease in sales of AIG products and services.
  • Okay, thanks.
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