• Most Popular
  • Most Shared

AIG not exposed to losses in alleged Madoff fraud

NEW YORK
Mon Dec 15, 2008 3:47pm EST

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)


More from Reuters

An image of U.S. President Barack Obama is seen in an exhibition at the Nobel Peace Centre in Oslo December 9, 2009. Two leading international human rights groups gave Obama mixed reviews on his human rights record on Wednesday, a day before he is slated to accept the 2009 Nobel Peace Prize in Oslo. Human Rights Watch and Amnesty International urged Obama to use his acceptance speech on Thursday to renew U.S. leadership on human rights after its position was undermined by abuses committed during the Bush administration's war on terrorism. REUTERS/Chris Helgren

Copenhagen: What of Obama?

President Barack Obama’s decision to attend the climate talks in Copenhagen is said to show the White House is serious about pursuing a deal to curb global warming. What should Obama commit to on climate change? Share your views.  Full Article | Related Story 

    Climate Conference
    Tom Metzold, Vice President of Eaton Vance Management and Senior Portfolio Manager at Eaton Vance, speaks at the Reuters Global Media Summit in New York, December 9, 2009. REUTERS/Brendan McDermid

    "Everything's not hunky-dory"

    Did the worst downturn in 70 years leave a permanent scar? Top money managers like Tom Metzold examines how a "new normal" will shape things to come.  Full Article 

    Investment Outlook Summit

    "There will be times when nations...will find the use of force not only necessary but morally justified."

    President Barack Obama,
    during his acceptance speech for the Nobel Peace Prize
      Barack Obama