NEW YORK, March 29 (UPI) -- Regulators reportedly have asked investor Warren Buffett to answer questions relating to their investigation of the New York-based insurance giant AIG.
Buffett, chairman and CEO of Berkshire Hathaway Inc., has been summoned to talk to regulators April 17 about any involvement he might have had in a controversial insurance transaction between a Berkshire unit and the American International Group Inc., the Wall Street Journal reported Tuesday.
The transaction in 2000 between the Berkshire unit, General Re, and AIG first drew scrutiny from authorities earlier this year, partly because AIG's retiring Chairman Maurice Greenberg personally initiated it, the Journal said.
The transaction is part of a broad review of "non-traditional" insurance products regulators believe may have been used by companies to improperly boost their financial positions.
Separately, lawyers for AIG told regulators they had uncovered evidence suggesting the company misled investors and regulators in regulatory filings, the Journal reported.
The AIG lawyers told regulators 50 company transactions could have resulted in improper accounting on its financial statements totaling $1.5 billion, the report said.
Representatives for AIG and Buffett declined comment, the Journal said.