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AIG to close infamous financial crisis unit for good
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fnlondon.comAmerican International Group’s infamous financial products unit — the one that nearly took down the global economy in 2008 with wrong-way bets on mortgages — is on its way to an official demise.
AIG announced on 14 December that the unit has filed a voluntary petition for chapter 11 bankruptcy in Delaware, as a way to close for good. Back in 2008, the woes of AIGFP, as it is known, caused its parent to teeter on the edge of bankruptcy. To stave off collapse, AIG took one of the US government’s biggest bailout packages, reaching...
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