In March, a letter was sent to AIG warning against risks that may arise due to the company’s lack of transparency and inability to manage its financial products.
A Democratic representative, Rep. Henry Waxman, disclosed a letter from (OTS) and warnings by AIG's accountants at a current hearing. The letter warned about weak spots that AIG should focus on. In particular, the letter stated, “We are concerned that the corporate oversight of AIG Financial Products ... lacks critical elements of independence, transparency, and granularity…”
At this hearing, lawmakers also displayed anger when discussing the perks AIG executives are currently enjoying even though they have just been bailed out. For instance, execs racked up bills for $200,000 for hotel rooms and $23,000 for spa services.
When examining, AIG’s internal documents, is showed that AIG execs ignored problems even though there were clues that the company was in trouble.
Articles like this always tend to make me angry. Once again, the greedy big time executives win out and leave the taxpayers to pay their bills. When will this all end?
http://www.insurancejournal.com/news/national/2008/10/07/94411.htm
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