Nearly two years after AIG collapsed, federal investigators have decided that the insurer’s executives did nothing wrong—or at least nothing criminal. The investigation, whose details were a closely guarded secret, focused on whether AIG’s executives, led by Joseph Cassano in London, deliberately misled investors and an outside auditor about the firm’s financial exposure, particularly on several deals tied to mortgages. Still, AIG isn’t in the clear just yet. The Securities and Exchange Commission could yet bring a civil-fraud lawsuit for securities violations—much like the one that rocked Goldman Sachs last month.
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