AIG plans shift to mortgages

Investor's Business Daily

Insurance giant American International Group's (AIG) CEO Bob Benmosche said the company plans to sell its savings and loan business and expand in mortgages if a federal panel labels it "too big to fail." AIG received $182.5 bil in bailout money during the recession. It's repaid the loan, but the gov't still owns more than 15% of AIG. It said it expects to receive a "systemically important financial institution" or SIFI label, and to sell its S&L operations or turn them into a trust after that. Shares fell 0.59% to 31.98.

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