AIG’s Failure Traced to Punxsutawney Insurance Agent Ned Ryerson

PUNXSUTAWNEY, Pa. - The stunning failure of insurance giant AIG that necessitated an unprecedented Federal Reserve bailout has been linked to the misconduct of Punxsutawney, Pennsylvania AIG agent Ned Ryerson.

Investigators say that Ryerson, known to associates as “Needlenose Ned,” sold millions of dollars of AIG insurance without properly evaluating the risks. 

Almost all of the insurance in question was sold to Pittsburgh television meteorologist Phil Connors on February 2 of this year.  AIG subsequently paid out hundreds of billions of dollars on life insurance claims because claims documents show that Connors inexplicably died innumerable times the day he bought the insurance.

Contacted for this story, Ryerson said only that he regrets his actions and wishes he could relive February 2nd over again. 

Sep 18

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