american international group inc
Post on 05-Dec-2015
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how did it happen
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American International Group Inc. SCAND
AL (2005)
World’s largest insurance and financial services company 65,000 employees Business in 130 countriesPresident & CEO - Peter HancockShareholder’s equity (2014): $107.3 billion Net Income 2014: $7.52 billion
AIG Overview
There was a massive accounting fraud, leading to roughly 3.9 billion, along with stock price manipulation.
Recorded loans as revenue Ex: 500M loan from Gen Re
Hide loss in financial statement Didn’t record deferred acquisition cost
in timely manner
What Happened?
Who was involved?
HANK GREENBURG
CEO of AIG 1968-2005
Participation on f
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