American International Group, Inc. (NYSE: AIG) rises in price, despite the new investigation

FSA investigates sale of AIG product

In brief: American International Group, Inc. (NYSE: AIG) has serious problems with British law enforcement authorities.

American International Group, Inc. (NYSE: AIG) shares continued to rise on Friday. AIG climbed up 40.93 points, gaining +1.03 points, or 2.58%. The British regulator, the Office of Financial Management and Supervision (FSA), is investigating the sale of savings products associated with problematic insurance company AIG.

The agency Royal Bank of Scotland, which owns the bank Coutts, advised aware of the fact that it was investigating the sale of the product AIG – Premier Access Bond Enhanced Variable Rate Fund – to consumers in 2001-2008, respectively. RBS said that the fully cooperating with the investigation. The product is sold under the brand of Alico, AIG who subsequently agreed to sell its U.S. insurance company MetLife for $ 15.5 billion is believed that about 250 customers Coutts in the UK have invested in this product, whose problems began in 2008, when AIG was forced to freeze the withdrawal of funds from the fund in connection with the financial crisis. The campaign against Coutts topped millionaire Keith Mills, who claims to have suffered huge losses by investing in AIG 65 million pounds sterling. He said the securities were sold as low risk, but much of their investment in illiquid and risky assets. In response, Coutts said that, although selling securities as a low risk, he never claimed that they are free from risk.

Ukrainian Globalist
2010-08-08 13:58, Economics.

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One comment к “American International Group, Inc. (NYSE: AIG) rises in price, despite the new investigation”

  1. Sonia Says:

    Myself, Sonia has taken 3 general insurance policies in the name of my Spouse (Mrs. Rinkini Nath), Mother(Mrs. Anjana Nath) and Father (Mr. Biswanath Nath). The policy numbers are listed below,
    SHC10000011731
    SHC10000011733
    SHC10000011741
    I made the payment through my ICICI bank Credit Card as the Sales executive told me that six month emi facilites would be there but i have recieved the satement for this month from ICICI bank which includes the whole amount. That means the amount which i have spent for taking the policy is not splitted into six emi’s. I have discussed with the customer care executive regarding the same today and as per his given instruction i am sending the scanned copy of the credit card statement attached to this mail. The statement has been generated on 28 th of May and the last due date is 15 th of this month. Please look onto this and do the needful as soon as possible and I also register my complaint at consumercourt.in/car-insurance/14026-tata-aig-car-insurance but still not get any response. I will expect that the problem will be rectified before 15th of June 2010.
    That was the mail i wrote to TATA AIG team but they have suggested to take fresh policies with paying 1000 INR for each which is absolutely rediculas. dont take any policies from them they are existing to make their customer fool and earn money.

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