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Justice Dept. hangs up AIG criminal investigation

Janet Babin May 24, 2010
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Justice Dept. hangs up AIG criminal investigation

Janet Babin May 24, 2010
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The U.S. Justice Department is concluding a two-year criminal investigation into insurance giant AIG, which received over $180 billion in one the biggest bailouts in U.S. history. Prosecutors were unable to prove a criminal case against managers at the London-based AIG Financial Products, a sector of the company that sold billions in outstanding credit-default swaps. The investigation parallels a similar case against two former hedge-fund managers at Bear Stearns, who were acquitted post-trial.

Prosecutors are still considering filing civil charges against AIG and other companies, following last month’s civil saga between the SEC and Goldman Sachs.

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