The latest? Appears the taxpayer-owned insurance giant hasn't been completely honest with its investors (us) or regulators (in God knows how many states).
Not only that, but a new independent analysis reveals the company's P&C arm might be thin on reserves – to the tune of, oh, say almost $12 billion. It's no wonder the company's stock tumbled 15 percent this week – falling faster than Obama's poll numbers.
I mean, we've all heard the rumors that the company's undercut rivals with their Sam Walton pricing strategy, but that's just business. Besides, bigger brains than mine – over at the GAO and NAIC, among others – never found any fault with AIG's business practices. As long as they followed the various state laws and kept enough cash (or reinsurance) on hand, it was their prerogative. Now it seems they did neither.
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But it's our money they're playing with now, so play time's over. At the very least, this new report begs investigation. And if laws were, in fact, broken, it's time we – as in, we, the taxpayers – called in that $120 billion they still owe us, or break the conglomerate up and sell it off for parts.
They've gone all Tiger Woods on us and destroyed what little public trust they had left. Somebody hand me a nine iron.
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