Monday, February 11, 2008

Accounting Weakness


Feb. 11 (Bloomberg) -- American International Group Inc., the world's largest insurer by assets, fell as much as 6.1 percent after auditors found a ``material weakness'' in how the company values its credit-default swap portfolio.

AIG hasn't yet determined the decline in value that will be included in its 2007 financial statements, the New York-based insurer said in a regulatory filing today. The firm dropped $2.87 to $47.81 at 9:36 a.m. in New York Stock Exchange composite trading.