AIG's Fall Raises Questions About Corporate Monitoring
AIG's federal monitor failed to curtail bad behavior. Is it time to re-examine the program?
Something less well known about American International Group's risky credit default swap business is that the global insurer was operating under the supervision of a U.S. Department of Justice-imposed monitor, whose job was to keep the company out of securities trouble. Obviously, it didn't work. Indeed, AIG's fall calls into question the efficacy of the entire corporate monitor program and leaves legal experts mulling over this conundrum: Are there some companies that are just too big to watch?
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