Former auditor says AIG warned of faulty derivative valuation

10/13/2008 | Bloomberg

According to congressional hearing Tuesday, former AIG auditor Joseph St. Denis told the company last year that it was using flawed methods for valuing derivatives. According to his written statement, St. Denis pointed out certain credit-default swaps that looked ripe for losses -- supposedly impossible -- but Joseph Cassano, head of financial products, ignored his warning.

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