AIG 'may have misled auditors'

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A federal criminal probe is looking at whether executives at the insurer's financial products division misled external auditors. The problems would have bankrupted AIG had it not been for a government rescue.

"The auditor, Joseph St Denis, wrote in a letter to the House Committee on Oversight and Government Reform that in early September 2007, he learned that AIG's financial-products unit had been asked for billions of dollars in collateral related to derivatives it had sold," the Wall Street Journal said.

St Denis, who resigned in October 2007, also said he had been "deliberately excluded" from discussions by the AIG unit's head, Joseph Cassano.