AIG’s new CEO, Edward Liddy, will place a Craigslist ad next week, so keep your eyes peeled if you need exotic financial assets on the cheap.
AP: American International Group Inc (AIG) should have a list of assets it wants to sell by next week, its new chief executive said on Monday, as the company prepares to split itself up to repay an emergency bailout loan.
The New York-based financial titan, which was once the world’s most valuable insurer, needs to raise cash quickly to repay an $85 billion U.S. Federal Reserve loan that allowed it to avoid bankruptcy after taking massive losses on mortgage derivatives.
“We’re going to take those assets which are probably very valuable, but can also be digested by buyers in relatively manageable bites, and we will simply start to market them,” Edward Liddy, who was appointed AIG’s chief executive last week, said in an interview on the CNBC financial news channel.
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