It was told by Robert Benmosche, Chief Executive on Wednesday at the Company's annual meeting that American International Group Inc.'s legal staff would be inspecting complex mortgage deals before its government rescued. It was also seen that if the transactions harmed AIG it would be taking action.
"We are looking at all activities from that period. To the extent we find something wrong that harmed AIG inappropriately, our legal staff will take appropriate action", said Benmosche.
It was noted that Benmosche commented to a question from an investor regarding Goldman Sachs Group Inc. It was notified that Goldman Sachs Group Inc. was already facing a civil suit by the Securities and Exchange Commission regarding a mortgage deal known as a collateralized debt obligation.
It was told by Harvey Golub, AIG's chairman that the company continued to deal with Goldman and called it a fine firm that did a lot of things extremely well.
It was noted that the insurer picked Citigroup Inc. and Bank of America Corp. to counsel the company on a plan that would support them to pay back the bailout that it received from the federal government.
It was informed that AIG owed $27 billion to the Federal Reserve Bank of New York which included growing interest and fees.