aig\s oversight period extended again
Last Updated : GMT 11:06:05
Arab Today, arab today
Arab Today, arab today

AIG\'s oversight period extended again

Arab Today, arab today

Arab Today, arab today AIG\'s oversight period extended again

New York - Arabstoday

American International Group Inc, the insurer seeking an exit from US ownership, was told by regulators to extend the period of oversight imposed as part of a $1.64 billion (Dh6.02 billion) fraud settlement in 2006. Therese Pritchard\'s term as independent consultant overseeing AIG has been extended through the end of the year, she said. Her duties were set to expire yesterday, according to the insurer\'s regulatory filings. Chief Executive Officer Robert Benmosche is working to distance AIG from legal disputes under previous leaders and restore confidence in the company as he seeks private capital to replace government bailout funds. The New York-based insurer disclosed a weakness in accounting for credit-default swaps in 2008 and said in February that a shortfall in reserves led to a charge of about $4 billion. AIG \"was the frontrunner in the crisis that occurred,\" Phillip Phan, professor at the Johns Hopkins Carey Business School in Baltimore, said in a telephone interview. \"That doesn\'t allow them complete freedom yet, until they can be sure that the corporate governance has been put in place.\" Pritchard\'s term was extended to document how AIG implements so-called best-practice recommendations, according to a person familiar with the matter. She\'s scheduled to complete the last stage of monitoring, said the person, who declined to be identified because there has been no public statement about the firm\'s progress on the requirements. Joseph Norton, a spokesman for AIG, didn\'t immediately respond to a message seeking comment outside of regular business hours. Florence Harmon, a spokeswoman for the US Securities and Exchange Commission, declined to comment. AIG agreed to hire the consultant, acceptable to the SEC, for a three-year term as part of a 2006 fraud settlement with regulators including then-New York Attorney General Eliot Spitzer, who accused the company of rigging bids, duping shareholders and underfunding workers\' compensation pools. The consultant was assigned to make recommendations for improving the insurer\'s regulatory compliance and internal auditing. James Cole, now the nation\'s No 2 Justice Department official, was appointed as AIG\'s independent consultant in 2005 after the insurer agreed to pay $126 million to settle SEC allegations it helped clients such as PNC Financial Services Group Inc inflate profits. The monitoring duties were expanded after the Spitzer accord. The job is now held by Pritchard, a partner at Bryan Cave LLP, where Cole previously worked. Cole was confirmed as the US Justice Department\'s deputy attorney general this week after President Barack Obama appointed him during a recess in December. Senate Republicans in May blocked a vote to confirm Cole after criticising his approach to terrorism and his AIG role. The insurer was bailed out in 2008 after misjudging the risk of losses from investments tied to subprime mortgages. From / Gulf News

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

aig\s oversight period extended again aig\s oversight period extended again

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

aig\s oversight period extended again aig\s oversight period extended again

 



Arab Today, arab today
Arab Today, arab today Jordanian woman reveals her project

GMT 00:46 2017 Saturday ,11 November

Jordanian woman reveals her project
Arab Today, arab today Saudis clear passenger flights

GMT 08:38 2017 Saturday ,25 November

Saudis clear passenger flights
Arab Today, arab today Sophian Yussef reveals suitable decoration

GMT 02:56 2017 Thursday ,23 November

Sophian Yussef reveals suitable decoration
Arab Today, arab today Syria congress to go ahead

GMT 02:24 2017 Friday ,24 November

Syria congress to go ahead
Arab Today, arab today IS media offline for a day

GMT 02:10 2017 Friday ,24 November

IS media offline for a day
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Human form of 'mad cow' disease

GMT 00:11 2017 Friday ,24 November

Human form of 'mad cow' disease
Arab Today, arab today British woman jailed in Iran to appear

GMT 03:19 2017 Friday ,24 November

British woman jailed in Iran to appear
Arab Today, arab today 'Trash islands' off Central America indicate

GMT 20:19 2017 Friday ,24 November

'Trash islands' off Central America indicate
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Mitsubishi Materials units falsified product

GMT 03:24 2017 Friday ,24 November

Mitsubishi Materials units falsified product
Arab Today, arab today 'Robo-taxis' hold promise, and perils

GMT 08:07 2017 Thursday ,23 November

'Robo-taxis' hold promise, and perils
Arab Today, arab today Heidy underlines works like “Seventh Neighbor”

GMT 13:59 2017 Thursday ,23 November

Heidy underlines works like “Seventh Neighbor”
Arab Today, arab today Delhi half-marathon to go ahead

GMT 03:51 2017 Saturday ,18 November

Delhi half-marathon to go ahead

GMT 07:56 2017 Wednesday ,22 November

Solaf happy for participating in “Hotline”

GMT 08:03 2017 Thursday ,23 November

Srebrenica women cry tears of joy

GMT 18:41 2017 Friday ,20 October

Designer Aql Faqih aspires to innovation

GMT 16:04 2017 Friday ,17 November

paObama climate envoy slams Trump's rejection

GMT 17:52 2017 Sunday ,03 September

Etiquette expert underlines importance of gifts

GMT 07:53 2017 Friday ,24 November

To Debate Ethics of Euthanasia

GMT 10:39 2017 Thursday ,23 November

Air China suspends flights to North Korea

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday