SEC whacks Warren Buffett-owned insurer for $97 million in AIG-related case 

The nation's largest reinsurance company, General Re, was charged by the Securities and Exchange Commission for allegedly creating "sham" reinsurance agreements with AIG, the failed insurance giant, back in 2000, the SEC announced today. General Re, according to the SEC, agreed in a settlement to pay more than $97 million to AIG shareholders, the Post Office, and others as part of the settlement.

Warren Buffett's Berkshire Hathaway owns General Re. Buffett was an economic advisor and fundraiser for Barack Obama.

This might explain why he was so cranky on TV this morning.

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Timothy P. Carney

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