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Wall Street auditors who have long signed off on opaque accounting methods for valuing mortgage-related derivatives are starting to get worried.
On Monday, American International Group (AIG Quote) disclosed in a regulatory filing that PricewaterhouseCoopers has concluded that the world's largest insurance company had "a material weakness in its internal control" related to its accounting for its portfolio of credit default swaps.
So, is the insurance industry next in line for billions of dollars in writedowns as a result of the U.S. housing downturn? ...
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