AIG writes down $5 bn in credit default swap portfolio
AIG has been told by its auditors Pricewaterhouse Coopers that it has a “material weakness” in its financial reporting related to a fair value valuation of a credit default swap portfolio, prompting a $5bn writedown in its value.
The US insurance behemoth reported that the loss in value of the AIG FP super senior credit default swap portfolio, increased from $899m to $5.964bn between end-October and end-November.
The number is
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