a special committee of AIG's Board launched an investigation. PW was brought in to review the books. One AIG executive later recounted: "They were finding problem everywhere" -e.g. derivatives accounting,reinsurance transactions, all deals PW had once certified. PW eventually told the Board it could not certify AIG's books it Greenberg stayed as CEO.
The AIG Board looked for a way to settle. Spitzer told the directors that there colud could be no settlement without Greenberg stepping down in February, 2005. Martin Sullivan, a long-time insurance executive, succeeded him as CEO. AIG would eventually pay a 1.6 billion fine to New Yirk state. It also restated earnings for 2000-05, lowering them by 3.4 billion. Another piece of fallout came from the rating agency,S&P . In May 2005 it downgraded AIG to AA+ S&P instituted the downgrade more in response to the accounting scandal and Greenberg's departure than anr particular decline in AIG's financial fortunes