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In May 2005, AIG restated its earnings for the prior four years, leading it to lower its profits by nearly $4 billion. The company also admitted to “improper or inappropriate transactions” and accounting irregularities, as well as intending to deceive regulators.

The evidence was alarming in that the unit had insured many CDO's that had large proportions of it as sub prime mortgages. This meant that in any situation where the housing market had to collapse the risk of default was too high.

About AIG. We are American International Group, Inc, (AIG), a leading global insurance organization providing a wide range of property casualty insurance and other financial services. We offer world-class products and expertise to businesses and individuals in approximately 70 countries and jurisdictions.

AIG failed to respond, so Cuomo subpoenaed them for the names of the bonus recipients. Cuomo announced that 73 AIG employees were each paid more than $1 million in bonuses, saying "AIG made more than 73 millionaires in the unit which lost so much money that it brought the firm to its knees, forcing a taxpayer bailout."

AIG has an A+ rating from AM Best, an independent reviewer that scores companies based on their financial strength. A high financial strength rating is a positive sign for AIG's customers.

Bad bets on mortgages by the Financial Products unit knocked parent company AIG off its feet, leading to a cascading series of bank failures that nearly caused a global economic collapse.

The SEC claimed that between 2000 and 2005, AIG fabricated its financial statements using a number of fictitious transactions to present analysts with a falsely optimistic view of the company's financial performance.

As a leader in commercial and personal insurance solutions, we are one of the world's most far-reaching property-casualty networks, offering a broad range of products, including Liability, Financial Lines, Property, Global Specialty, Crop Risk Services, Personal Lines and Accident & Health.