AIG is now seeking yet more US Government money and it will be fascinating to see if the new administration and the Senate and House leaders will use the power the US Government will now have and the access it should have to the internal documents of AIG to do a full investigation of the criminal and civil liabilities of AIG.
Even more important, will the true and full history of this company be shared with the public?
Will the Democrats use the power they have and will soon have to expose what really has gone on at AIG?
AIG agrees to break itself up
By Francesco Guerrera in New York
Published: March 1 2009 18:10 | Last updated: March 1 2009 23:34
AIG will on Monday announce a radical plan to break itself up after 90 years as a global insurance conglomerate by ceding control of its two largest divisions to the US government in exchange for a $30bn-plus lifeline.
The move, aimed at helping the stricken insurer absorb the blow of huge losses, is the third time in five months AIG has been bailed out by the authorities. Coming shortly after the third government rescue of Citigroup, the decision to save AIG could fuel mounting public anger.
The latest plan, approved by AIG’s board on Sunday, spells the end of any lingering hopes the company could survive as a standalone insurance group.
At the end of the restructuring, AIG will remain as a holding company but its main task would be to sell off or list businesses such as its US personal lines insurer, an aircraft leasing company and its global general insurance unit, and could eventually be wound down.
"We are breaking up AIG but we are trying to do it in a way that preserves value for the taxpayer, the employees and the businesses," said a person close to the plan, which was revealed by the Financial Times last week.
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http://www.ft.com/...
More background on Maurice "Hank" Greenberg, the founder of the modern AIG and its various spin off entities as well as his son's insurance entities and legal problems can be found in many sites including this from the New York Times
http://www.nytimes.com/...
And for more information on AIG's and other similar offshore tax haven activities see the following:
http://www.allbusiness.com/...