AIG hid its problems · 3

12:03 p.m. WASHINGTON (AP) -- Executives at American International Group hid the full range of its risky financial products from auditors as losses mounted, according to documents released today by a congressional panel examining the chain of events that forced the government to bail out the conglomerate. Amid the rising losses, federal regulators at the Office of Thrift Supervision warned in March that "corporate oversight of AIG Financial Products ... lack critical elements of independence." At the same time, AIG's auditor Pricewaterhouse Cooper confidentially warned the company that the "root cause" of its mounting problems was denying internal overseers in charge of limiting AIG's exposure access to what was going on in its highly leveraged financial products branch. Full story »