AIG has managed, probably despite all efforts, to keep itself in the news the last several weeks. Among other things, it's been enough to attract the attention of authorities in the United Kingdom. To wit:
American International Group Inc.'s financial products unit, which brought the firm to the verge of collapse with bad bets on credit-default swaps, is being investigated by U.K. regulators for possible criminal conduct.
U.K. investigators are working with authorities in the U.S. who are conducting separate reviews, the Serious Fraud Office said today in a statement. The company is cooperating with the probe, which isn't related to insurance operations, New York- based AIG said in a separate statement.
"We will use our full range of powers to seek information and to speak to those with an inside knowledge of the company's operations," said Richard Alderman, director of the SFO, in the statement. "It is right for us to look into the UK operations of AIG Financial Products Corp., to determine if there has been criminal conduct."
Know about the inside workings of AIG but the Feds leave a metallic taste in your mouth? You have other options too.
AIG Financial Products Unit Probed by U.K. Regulators [Bloomberg]