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AIG not exposed to losses in alleged Madoff fraud
NEW YORK |
NEW YORK (Reuters) - American International Group, the insurer bailed out by the U.S. government in September, does not have any exposure to potential investment losses related to the alleged fraud by Bernard Madoff, a spokesman said on Monday.
Madoff, an investment manager who was formerly a director of the Nasdaq stock market, was arrested last week for allegedly orchestrating a $50 billion fraud.
AIG, a large investor in hedge funds and funds that invest in hedge funds, was not among those with exposure to losses from Madoff investments, spokesman Joe Norton told Reuters.
AIG shares were down 5 percent at $1.71 in Monday afternoon trading.
(Reporting by Lilla Zuill)
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