Insurance giant American International Group has agreed to pay more than $1.6bn (920m) to settle state and federal charges of accounting abuses.
Under the settlement, AIG also agreed to change the way it carries out its business to ensure proper accounting practices in the future.
The deal settles a civil suit brought against AIG last May by New York Attorney General Eliot Spitzer.
claimed AIG had attempted to deceive regulators and investors.
‘Financial ‘
The settlement, announced on Thursday, does not resolve current lawsuits against former AIG chief executive Maurice Greenberg and former chief financial officer Howard Smith.
A criminal case against Mr Greenberg, accusing him of manipulating the firm’s finances to boost its share price, was dropped by New York authorities in November last year.
Both men have denied any wrongdoing.
“AIG finds itself in this position solely because some senior managers thought it was acceptable to deceive the investing public and regulators,” Mr Spitzer said.
“This is a company that didn’t have to cheat. But once they began, they found it hard to stop. And like an addict, they grew dependent on financial gamesmanship that could destroy the company,” he told the Associated Press news agency.
Mr Spitzer said AIG’s promise to adopt new businesses practices would improve the US market for property and casualty insurance.
The company is currently the world’s largest insurer by market value.
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Road accidents in West cost residents more than 300 each in their rates and taxes in 2005, figures show.
The West Yorkshire Casualty Partnership revealed the average cost of a road accident is 88,810, with serious ones costing 200,000.
Fatal accidents can cost well over 1m, meaning that the year’s total of 7,277 crashes worked out at around 650m.
With a population in West Yorkshire of 2m, it equated to every man, woman and child paying 313, the report said.
‘Irresponsible and selfish’
Chairman Steve Thornton said many accidents were caused by unsafe driver behaviour.
“This means that the vast majority of decent, law-abiding citizens are paying an additional local ‘tax’ to pay for the and selfish behaviour of the few.”
He said the costs were not just for hospital . They included ambulances, paramedics, police time, vehicle and property damage, insurance costs and the loss of working days for casualties.
There were also court case fees and the cost of benefit payments.
Road in West cost residents more than 300 each in their rates and taxes in 2005, figures show.
The West Yorkshire Casualty Partnership revealed the average cost of a road accident is 88,810, with serious ones costing 200,000.
Fatal accidents can cost well over 1m, meaning that the year’s total of 7,277 crashes worked out at around 650m.
With a population in West Yorkshire of 2m, it equated to every man, woman and child paying 313, the report said.
‘Irresponsible and selfish’
Chairman Steve Thornton said many accidents were caused by unsafe driver behaviour.
“This means that the vast majority of decent, law-abiding citizens are paying an additional local ‘tax’ to pay for the and selfish behaviour of the few.”
He said the costs were not just for hospital treatment. They included , paramedics, police time, vehicle and property damage, insurance costs and the loss of working days for casualties.
There were also court case fees and the cost of benefit payments.
Road in West Yorkshire cost residents more than 300 each in their rates and taxes in 2005, figures show.
The West Yorkshire Casualty Reduction Partnership revealed the average cost of a road accident is 88,810, with serious ones costing 200,000.
Fatal accidents can cost well over 1m, meaning that the year’s total of 7,277 crashes worked out at around 650m.
With a population in West Yorkshire of 2m, it equated to every man, woman and child paying 313, the report said.
‘Irresponsible and selfish’
Chairman Steve Thornton said many accidents were caused by unsafe driver .
“This means that the vast majority of decent, citizens are paying an additional local ‘tax’ to pay for the irresponsible and selfish behaviour of the few.”
He said the costs were not just for hospital treatment. They included , , police time, vehicle and property damage, insurance costs and the loss of working days for casualties.
There were also court case fees and the cost of benefit payments.
|
Insurance giant American International Group has agreed to pay more than $1.6bn (920m) to settle state and federal charges of abuses.
Under the , AIG also agreed to change the way it carries out its business to ensure proper accounting practices in the future.
The deal settles a civil suit brought against AIG last May by New York Attorney General Eliot Spitzer.
Investigators claimed AIG had attempted to deceive regulators and investors.
‘Financial
The settlement, announced on Thursday, does not resolve current lawsuits against former AIG chief executive Maurice Greenberg and former chief financial officer Howard Smith.
A criminal case against Mr Greenberg, accusing him of manipulating the firm’s finances to boost its share price, was dropped by New York authorities in November last year.
Both men have denied any .
“AIG finds itself in this position solely because some senior managers thought it was acceptable to deceive the investing public and regulators,” Mr Spitzer said.
“This is a company that didn’t have to cheat. But once they began, they found it hard to stop. And like an addict, they grew dependent on financial gamesmanship that could ultimately destroy the company,” he told the Associated Press news agency.
Mr Spitzer said AIG’s promise to adopt new businesses practices would improve the US market for property and casualty insurance.
The company is currently the world’s largest insurer by market value.
