ACE to Restate 5 Years Earnings
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Bermuda-based insurance company, Ace, is to restate more than 5 years of results. Accounting of an insurance type, which companies use to smooth earnings is the cause of the problem. The move comes amidst regulatory problems, involving investigations by the state of New York and federal authorities. In 2001 and 2002, net income is reduced by $61m. From 2002 to the first quarter of 2005, net income rises by $106m. Finite insurance or financial reinsurance has been the central subject of investigation by the authorities. Maurice Greenberg (Evan Greenberg's father) was driven from the Chairmanship of American International Group. Subsequently AIG has restated its accounts. Mr Greenberg senior and Howard I Smith are accused of manipulation financial statements and misleading investors, in a suit filed by New York attorney general, Eliot Spitzer.
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