AIGFP helped arrange financing maneuvers designed to massage the balance sheets of
"This proposed settlement will be comprehensive and bring finality to the claims raised by the SEC and the DOJ," said Maurice R. Greenberg, chairman of AIG. "It is in the best interests of our shareholders, customers and employees to reach this settlement."
As part of the proposed settlement, AIGFP will pay an $80 million penalty to the DOJ. Also, AIG will pay the SEC $46 million in disgorgement fees for the PNC transactions. The company will also hire in independent consultant to determine whether certain transactions between 2000 and 2004 were used to cook the books.
