Wednesday, May 30, 2007

AIG (AIG) To Return Excess Profits To Massachusetts

In March I wrote a post about AIG (AIG) and that it's profit picture was not a rosy as it looked due to some questionable tactics. Now a report comes that they are being forced to return "excess profits" to the state of Massachusetts. HMMMMMM.

AIG, who carried the workers compensation for the "Big Dig" in Boston, recently reached a settlement with AG Martha Coakley in which they agreed to return almost $60 million in "excess profits" and interest to the state. In the original agreement with the state, AIG was guaranteed a limit on it's potential losses due to the "high-risk" nature of the work and in return, was required to return and excess funds to the state. The AG's office that AIG never returned these funds to the state. According to AIG, the funds were recently paid.

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