AIG underwrites Catastrophic Loss insurance in Japan under Charis Inc., Fuji Fire and Marine and other entities. In addition, they also underwrite Home, Life and other risks in Japan as well as lease equipment. They were suppose to unwind these business operations and sell them off. The details are not clear as part of their plan was to retain certain insurance businesses. The Govt bailout was presented as a short term bridge loan to let them unwind and liquidate their operations. On February 10, 2011, Chartis Inc. announced a cash tender offer through its wholly owned subsidiary, Chartis Japan Capital Company LLC, for all common shares and stock acquisition rights of Fuji Fire and Marine Insurance Co., Ltd. that it does not already own for JPY 146 per share. Independent of AIG reports and statements how can one independently assess their liabilities to the recent events in Japan? I smell AIG bailout #2 brewing behind closed doors... The fact that they did not liquidate and unwind as promised and instead took tax payer money to build up their insurance businesses stinks of fraud.