Corporations and securities brief ~ AIG receives subpoenas from Spitzer, SEC

[JURIST] Leading Monday's corporations and securities law news, insurance giant American International Group (AIG) [corporate website] announced it has received subpoenas from New York Attorney General Eliot Spitzer [official website] and the SEC [official website] "relating to investigations of nontraditional insurance products and certain assumed reinsurance transactions and AIG's accounting for such transactions." AIG said it will cooperate with the probe. Spitzer, who has accused the insurance industry of extensive bid-rigging and price fixing, has in recent weeks broadened his investigation into non-traditional insurance products in an attempt to determine whether they are aimed at reducing risk or vehicles to help companies smooth earnings. Just last month, Spitzer and the SEC sent subpoenas to billionaire investor Warren Buffett's Berkshire Hathaway Inc. seeking information from its reinsurance subsidiary, General Re Corp [corporate website]. Read the AIG press release. AP has more.

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