Comments on: AIG and General Re Fraud http://adamp.com/college/aig-and-general-re-fraud/ Apple, Bicycles, Boston, Dot and Web Media Thu, 25 Feb 2010 03:28:28 +0000 http://wordpress.org/?v=2.9.2 hourly 1 By: Apex Professionalshttp://adamp.com/college/aig-and-general-re-fraud/#comment-26563 Apex Professionals Sun, 12 Apr 2009 03:24:43 +0000 http://adamp.com/2007/04/10/aig-and-general-re-fraud/#comment-26563 Sorry it took me a while to get back to ya. Anyway yeah, pretty unscrupulous bunch. I was reading somewhere not too long ago that the current AIG issue, and some of the other banks looking for a bailout is vastly inflated. Basically a bunch of different banks do this thing where they basically insured the debt on properties. So when people defaulted they took a huge hit... but the thing is a lot of this supposed "debt" that AIG and other banks have is essentially a round-robin between banks. Also since often more than one bank would insure the debt on a property, when it defaults the supposed loss the banks take is often cumulatively more than the actual cost of the property that defaulted. Its a pretty complex system and I don't pretend to understand it entirely.. but it sounds pretty scam-tastic to me. Thanks for responding to my comment! Sorry it took me a while to get back to ya. Anyway yeah, pretty unscrupulous bunch. I was reading somewhere not too long ago that the current AIG issue, and some of the other banks looking for a bailout is vastly inflated. Basically a bunch of different banks do this thing where they basically insured the debt on properties. So when people defaulted they took a huge hit… but the thing is a lot of this supposed “debt” that AIG and other banks have is essentially a round-robin between banks. Also since often more than one bank would insure the debt on a property, when it defaults the supposed loss the banks take is often cumulatively more than the actual cost of the property that defaulted. Its a pretty complex system and I don’t pretend to understand it entirely.. but it sounds pretty scam-tastic to me. Thanks for responding to my comment!

]]> By: Adam Pieniazekhttp://adamp.com/college/aig-and-general-re-fraud/#comment-24902 Adam Pieniazek Mon, 23 Mar 2009 02:24:27 +0000 http://adamp.com/2007/04/10/aig-and-general-re-fraud/#comment-24902 It's funny Apex, I picked the AIG & Gen Re fraud case for this accounting paper because I was very intrigued by how they committed fraud. They basically counted premiums as profit instead of liability. It shows a clear disconnect from standard accounting standards that should have raised lots of red flags and put them on a strict watch by the regulatory authorities. Instead the regulatory authorities trusted AIG and even continue to do so in the face of overwhelming evidence that they are not a trustworthy institution. It’s funny Apex, I picked the AIG & Gen Re fraud case for this accounting paper because I was very intrigued by how they committed fraud. They basically counted premiums as profit instead of liability. It shows a clear disconnect from standard accounting standards that should have raised lots of red flags and put them on a strict watch by the regulatory authorities. Instead the regulatory authorities trusted AIG and even continue to do so in the face of overwhelming evidence that they are not a trustworthy institution.

]]> By: Apexhttp://adamp.com/college/aig-and-general-re-fraud/#comment-24841 Apex Sat, 21 Mar 2009 17:44:12 +0000 http://adamp.com/2007/04/10/aig-and-general-re-fraud/#comment-24841 flash forward 2 years and these guys just cant stop getting themselves into trouble can they?<abbr><em>Apex Professionals´s last blog post..<a href="http://www.youtube.com/watch?v=fAAiA9UStM4" rel="nofollow">Apex Professionals LLC: Why get out of your timeshare?</a></abbr></em> flash forward 2 years and these guys just cant stop getting themselves into trouble can they?

Apex Professionals´s last blog post..Apex Professionals LLC: Why get out of your timeshare?

]]> By: Notes on the Bank Bailout Bill, Economy & Other Newshttp://adamp.com/college/aig-and-general-re-fraud/#comment-16463 Notes on the Bank Bailout Bill, Economy & Other News Fri, 10 Oct 2008 19:12:28 +0000 http://adamp.com/2007/04/10/aig-and-general-re-fraud/#comment-16463 [...] I’ve written about on my personal blog, AIG is a corrupt corporation. Congress is now looking into AIG’s part in the the global credit crisis. It truly boggles [...] [...] I’ve written about on my personal blog, AIG is a corrupt corporation. Congress is now looking into AIG’s part in the the global credit crisis. It truly boggles [...]

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