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June 6, 2008: AIG Announces Regulatory Probe

2008-06-06

Insurance corporation AIG says the US Securities and Exchange Commission and the Justice Department are probing the way it valued derivatives known as credit default swaps. AIG recently announced that it was having problems valuing the derivatives (see February 11, 2008). The company says it is cooperating with regulators, but shares in it fall 6.8 percent to $33.93. [Bloomberg, 9/16/2008]