From the FINANCIAL TIMES:
The US Department of Justice has closed its two-year criminal investigation of AIG after determining that there was insufficient evidence to support charges against either the insurance giant or its senior executives, according to parties in the case.
Since February 2008, when AIG disclosed that its auditor, PwC, had uncovered a “material accounting weakness” related to the way AIG valued the portfolio of its financial products unit, federal prosecutors and FBI agents have been poring over thousands of documents and e-mails from the company…
The closing of the criminal probe is by no means the end of regulatory probes into AIG…
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