September 22, 2004
SEC May Take Action Against AIG
SEC has issued a notice to AIG stemming from its investigation into transactions that AIG Financial Products structured for Pittsburgh-based bank PNC Financial in 2001. PNC transferred $762 million into three special-purpose vehicles that AIG designed. In return, AIG gave PNC some of its preferred stock and took the portfolio onto its own balance sheet.
Posted by Tom Troceen