AIG stock tumble as it re-evalutes debt

The value of its super-senior-credit-default swap portfolio declined $5.9 billion and not $1.6 billion, AIG reported to the SEC.
FEB 11, 2008
American International Group Inc. mistakenly appraised how much its debt had grown, casting serious doubts on one of the largest suppliers of insurance in America. A report submitted to the Securities & Exchange Commission by AIG revealed that the value of its super-senior-credit-default swap portfolio had declined $5.9 billion by November of 2007, and not $1.6 billion as AIG had previously estimated. In the report, AIG remarked that its auditors, PriceWaterhouseCoopers had advised them that they had weaknesses in their financial reporting, as well as issues with their internal oversight. AIG's stock fell by 11.4% this morning, fueling a temporary decline in the greater market.

Latest News

Fintech bytes: Vestmark, NDEX, and Forms Logic partnerships sharpen RIA tools
Fintech bytes: Vestmark, NDEX, and Forms Logic partnerships sharpen RIA tools

First Trust models, Schwab-linked data tools and Orion transition tech headline a busy week for RIA wealthtech

Two LPL executives jump to competitors as 2026 comes to a close
Two LPL executives jump to competitors as 2026 comes to a close

The change in senior personnel occurs days after LPL Financial tapped a new head of recruiting.

Osaic names new CMO and Empowered Independence head
Osaic names new CMO and Empowered Independence head

Former PulteGroup and Citizens executives join the broker-dealer network after a year of senior leadership departures

RIA moves: Prospera lands $600M Cornerstone team in Rochester
RIA moves: Prospera lands $600M Cornerstone team in Rochester

Independent RIA Concurrent adds over $1B across six moves, while OnePoint BFG opens West Palm Beach with a $240M team

Creative Planning adds $2.2B fee-only RIA Rockbridge in Syracuse
Creative Planning adds $2.2B fee-only RIA Rockbridge in Syracuse

The mega-RIA keeps absorbing independent fiduciary firms as Cerulli data shows the fee-only segment losing asset share

SPONSORED Built on insurance experience to deliver on long-term promises

Knighthead Life entered the market with a competitive MYGA. A strong launch earned advisor confidence and paved the way for FIAs.

SPONSORED In the Age of AI, Trust Becomes the Advisor's Greatest Asset

As AI makes financial information more accessible than ever, Lana Hock explains why human judgment, trust, and empathy remain the qualities clients value most in a financial advisor