All of these failures, accounting errors, improper allocation of assets, insufficient risk transfers, erroneous valuation of assets, improper conversion of capital gains into income, improper classification of underwriting losses as captial losses- all of these things that are being uncovered go back a mere 4+ years to 2000.
You mean to tell me Hank and his boys only turned sour since the year 2000?
These practices to varying degress have been going on for 25 years at the least.
What a terrible, smelly mess AIG is in.
AON has closed down the entire ACS of Los Angeles, Ca. Laid off 110 employees on April 28, 2005. AON had laid off 60+ employees about six months ago and now the last have been laid off.
A public corp such as AIG, and its audit/accounting firm, should both be held accountable to the innumerable policyholders and investors who’ve been defrauded by their scandalous, baldfaced greedy misdeeds. All officers should have to give back their huge compensation and bonuses and deferred comp and forfeit their stock going back 3-5 years! Their outrageous pensions should also go out the window, plus fines, at the very least!
As an agent who was never compensated for P&C business sold for AIG, it doesn’t come as a surprise to me of AIG’s poor documentation and internal controls. In 2004, I wrote and verbally requested payment to me of commissions for 14 + clients sold AIG auto ins., I receieved no written reply or commission for the work I did on their behalf for clients.
All of these failures, accounting errors, improper allocation of assets, insufficient risk transfers, erroneous valuation of assets, improper conversion of capital gains into income, improper classification of underwriting losses as captial losses- all of these things that are being uncovered go back a mere 4+ years to 2000.
You mean to tell me Hank and his boys only turned sour since the year 2000?
These practices to varying degress have been going on for 25 years at the least.
What a terrible, smelly mess AIG is in.
AON has closed down the entire ACS of Los Angeles, Ca. Laid off 110 employees on April 28, 2005. AON had laid off 60+ employees about six months ago and now the last have been laid off.
A public corp such as AIG, and its audit/accounting firm, should both be held accountable to the innumerable policyholders and investors who’ve been defrauded by their scandalous, baldfaced greedy misdeeds. All officers should have to give back their huge compensation and bonuses and deferred comp and forfeit their stock going back 3-5 years! Their outrageous pensions should also go out the window, plus fines, at the very least!
As an agent who was never compensated for P&C business sold for AIG, it doesn’t come as a surprise to me of AIG’s poor documentation and internal controls. In 2004, I wrote and verbally requested payment to me of commissions for 14 + clients sold AIG auto ins., I receieved no written reply or commission for the work I did on their behalf for clients.