The biggest news coming out of the civil and criminal complaints against the insurers American International Group and General Reinsurance Corp. is that Warren Buffett may have known about the improper financial transactions.
The New York Times reports that Ronald Ferguson, General Re's former chief executive who is named in the complaint by the Justice Department and the Securities and Exchange Commission, may have sent an email message to Buffett asking whether the AIG transaction, "passed the NYT test." Buffett, the newspaper said quoting an anonymous source, responded by saying the deal passed the test, "but not by a huge margin."
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