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Article: Many changes at AIG in year since government bailout; New brand, turmoil, scorn in company's transformation.(NEWS)
- Article from:
- Business Insurance
- Article date:
- September 21, 2009
CopyrightCOPYRIGHT 2009 Crain Communications, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: JUDY GREENWALD
American International Group Inc. was labeled the insurer that was "too big to fail about a year ago, when the government stepped in as it faced the prospect of collapse because of its disastrous involvement in the credit default swap market.
In the year since, it has received an estimated $182 billion commitment from the federal government; sold certain assets, although key ones remain; arranged the spinoff of its property/casualty business into a special-purpose vehicle; and made several changes in the executive suite.
It also has endured scorn from President Obama on down when it was learned in March that $165 million ...