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ABC's Pierre Thomas reported on the investigation into AIG by the Securities & Exchange Commission and the FBI. He went chapter and verse through a series of official reassurances by executives. August 2007--"AIG is financially sound." December 2007--"Exposure levels are manageable." March 2008--"Do not expect significant losses." August 2008--"AIG is a great company." Thomas told us that investigators "have subpoenaed AIG documents to see if the facts matched company rhetoric."
NBC's Tom Costello reconstructed the role of Hank Greenberg, who was AIG's boss for 40 years before "retiring" in 2005 "amid an accounting scandal." It was Greenberg who opened the "special office in London to insure other banks and their risky loans, so-called swaps, as a way to make quick money." Costello quoted Greenberg as insisting that the London office's woes only began after he left the firm: "We had a very strong risk management department." Greenberg is now suing AIG for the fortune he lost when AIG's stock price collapsed. "Since taxpayers own AIG, Greenberg is suing you and me."
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