American International Group announced last week it was accelerating the spin-off of its major property-casualty insurance units into a separate company so it can sell off a minority share to the public.
The decision, undertaken with the strong support of the Federal Reserve Bank of New York, was the first component of a revised resolution plan unveiled when AIG announced a huge loss March 2.
At that time, AIG disclosed that the government had agreed to the third revision of the AIG resolution plan. That plan included a $30 billion additional line of credit for AIG.
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