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Fortune 500 - #13

by Christopher Tkaczyk and David Goldman
Monday, April 21, 2008
provided by

13_AmericanInternationalGro.jpg

American International Group
Last Year's Ranking: 10
Revenue ($ millions): 110,064.00
Profit ($ millions): 6,200.00

The world’s largest insurance group was forced to take an $11 billion writedown last year on its weakened credit derivatives portfolio, resulting in a fourth-quarter loss of $5.3 billion - its biggest ever. Adding to its problems: A legal battle continues against former CEO Hank Greenberg and six other former executives, who are accused of misappropriating $20 billion in company stock. For the year, the company’s earnings plunged 56% to $6.2 billion.

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