On September 6, 2009
AIG: Deciphering the Asset Sales
The new chief executive of American International Group may be talking about keeping the company together and making it profitable, but the glacier that once was the world’s largest insurer continues to split apart, calving icebergs out into the sea. In the latest news over the Labor Day weekend, AIG sold off a piece of its asset management unit to a Hong Kong investment firm. The sale is a bit of a puzzlement. AIG is retaining the bulk of its asset management, about $480 billion, while apparently selling off nearly $89 billion in foreign operations in 32 countries. But the head of its asset management operations, the highly respected Win Neuger, is part of the sale. One gets the feeling that…
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