The unloading of AIG assets continued today. AIG is selling an overseas insurance business to rival MetLife for $15.5bn as it continues to raise funds to pay off a federal bailout. But the big question we have is whether there will be enough of “good” business left to continue to make money on or not?
The bailout money continues to rise as AIG was given an initial $85bn in September 2008 to prevent its collapse which has subsequently been raised to $182.3bn. In addition they have to repay a $9bn investment in the company made by the Federal Reserve Bank of New York. Ha! So they are more than likely looking to continue to units off over the next couple of months.
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