Is AIG About To Go Bust?
July 2, 2010 (EIRNS)A well-informed source reported to EIR June 30 that AIG insurance, despite its $182 billion taxpayer bailout, is "near insolvency again," and cannot pay its insurance policy obligations.
This is the result, the source said, of outright criminality that has been persistently covered up by Federal prosecutors. The modus operandi is phony reinsurance policies, which allow insurance companies to be under-capitalized. The biggest and best known past case of this was AIG's dealings with General Reinsurance, a wholly owned subsidiary of Warren Buffett's Berkshire Hathaway. It came down to the fact that prosecutors were not willing to cart Buffett off to jail.
And now, according to this top financial fraud investigator, AIG is about to blowagain!