Guv candidate: Local AIG group lost $1B

By Geert De Lombaerde Posted on April 12, 2009 at 10:56 pm

Ward Cammack knows this because he and a partner looked at buying American General’s Brentwood division. But the losses sustained due to an asset-lending program designed to goose returns ended that conversation.

From a Cammack blog post:

Maybe AIG should have voluntarily disclosed the details of how the collateral from the asset lending program was invested. The fact that the AIG Tennessee subsidiary was involved in asset lending was artfully hidden in a two-page note to their financial statements. Contrast that to the required disclosure of their invested assets. Each asset is individually detailed in their annual statement, so that policy holders, investors, regulators, and employees can know exactly what the risks are from those investments.

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Tags: American International Group Inc., bailout, financial regulation, financial reports, insurance, investment management, politics, state government, William 'Ward' Cammack Jr.  

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