Financial Briefs

Breaking financial news from Wall Street to Main Street

AIG draws up list of assets for sale in attempt to prevent nationalisation

Posted by financialbriefs on September 23, 2008

AIG, the insurance giant that was effectively nationalised by Washington last week for $85 billion, will have assets to sell by next week, Edward Liddy, its new chief executive, said.

The world’s biggest insurer needs to raise cash quickly to repay the huge Federal Reserve loan that prevented it from going bankrupt, after taking big losses on mortgage derivatives.

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