The SEC's harsh words for AIG might have been influenced by AIG's conduct during the SEC's investigation. The Wall Street Journal reports that according to the SEC, AIG failed to produce several documents that the SEC requested during the course of its investigation. The WSJ reports that

In one instance, AIG withheld what [SEC attorney] Mr. Schonfeld called an "AIG white paper." The paper was "directly relevant to positions taken by AIG in its Wells submission and in a meeting with the [SEC] staff prior to that date," the SEC said.

"Part of the $10 million fine reflects AIG's conduct and its failure to cooperate with the investigation," Mr. Schonfeld said.