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美国国际集团公开承认其不适当的会计行为 |
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| 美国国际集团公开承认其不适当的会计行为 |
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作者：佚名 文章来源：不详 点击数： 更新时间：2006-12-21 17:00:12  |
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 he insurance giant American International Group acknowledged today that its accounting for a number of transactions, including a deal with a unit of Warren E. Buffett's company, was improper.
The disclosure by American International Group, its fullest to date since questions about its dealings first emerged late last year, comes as federal and state regulators are still digging through dozens of transactions to determine how extensively A.I.G. may have manipulated its true financial condition.
According to the company's own continuing internal review, several transactions "appear to have been structured for the sole purpose or primary purpose of accomplishing a desired accounting effect," A.I.G. said in a statement. The company said that the impact of the accounting errors would lower its book value by $1.7 billion.
A.I.G. said it had it improperly accounted for a $500 million transaction with the General Re Corporation, a reinsurance company owned by Mr. Buffett's company, Berkshire Hathaway.
The admission that A.I.G. engaged in flawed accounting soon had a severe consequence: the ratings agency Standard & Poor's stripped the company of its vaunted triple-A rating, leaving only seven American corporations that still have the most pristine rating.
A.I.G. also cited flawed accounting of business with reinsurers in Bermuda and Barbados that it controls. The breadth of today's admission indicates that the company still faces some huge challenges. In particular, its top executives including Martin Sullivan, who replaced the company's domineering chief executive, Maurice R. Greenberg on March, are all longtime A.I.G. executives who were running the company when it engaged in flawed accounting.
"It feels to me that we are seeing the tip of an iceberg," said Gregory Taxin, the chief executive of Glass, Lewis & Company, a proxy advisory service.
A.I.G. delayed for the second time the filing of its 10-K annual report with the Securities and Exchange Commission, saying it would do so "on or prior to" April 30.
According to A.I.G., the accounting missteps and the impact of reclassifying one particular entity would result in a decrease of 2 percent of the company's previously reported unaudited consolidated shareholders equity of $82.9 billion, or $1.7 billion.
The investigation is continuing and the $1.7 billion only accounts for those transactions the company is ready to quantify. "The investigations and A.I.G.'s review are continuing and A.I.G. cannot presently determine whether additional matters will be discovered or further adjustments will be required," the company said.
Regulators including the S.E.C., the New York State attorney general's office, the New York State Insurance Department and the United States Department of Justice are looking at whether scores of transactions done by A.I.G. were subject to proper accounting and legitimately transferred risk, or whether those transactions were done through lightly regulated offshore reinsurance companies as a way to bolster A.I.G.'s financial position.
In particular, they are looking at A.I.G.'s deals with reinsurance companies, which offer insurance to insurance companies to offset some risks of large claims and finite reinsurance to manage long-term claims.
A.I.G.'s concession comes at a trying time for the company. Earlier this month, Mr. Greenberg, who spent four decades building A.I.G. into an insurance colossus, was toppled under pressure from his own board and regulators. In addition, the company's former chief financial officer and vice president of reinsurance have been dismissed for refusing to cooperate with regulators in a widening investigation of the accounting for some insurance transactions. Another senior executive was fired over the weekend.
Still, some insurance industry analysts expected Wall Street to take A.I.G.'s disclosure in stride.
"Today's announcement was largely anticipated, so it doesn't shed a lot of new light on what's going on at A.I.G.," said David Havens, an analyst at UBS. "With the company coming out and saying they don't expect a restatement in excess of 2 percent, that should give comfort to the market."
A.I.G.'s shares fell $1.04 today to close at $57.16 on the New York Stock Exchange. |
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