The following is noted at the end of this NY Times article about American International Group Inc.‘s proxy statement that was recently published in anticipation of the company’s annual meeting on August 11:

A.I.G.’s proxy also noted that the cost of insuring directors and officers against lawsuits had increased significantly since the company disclosed a number of accounting irregularities earlier this year. The premium A.I.G. paid for such coverage last year was $9.4 million; the current premiums are about $32.8 million.

Ouch!