“The numbers are too daunting,” said a senior executive at a large private-equity firm. Given AIG’s huge balance sheet, “we just don’t have enough capital to fill the hole.“
Insurer Looks to Sell Automotive Business, Annuities Unit;
It Seeks $10 Billion in Fresh Capital as Downgrade Threaten
By MATTHEW KARNITSCHNIG, LIAM PLEVEN and PETER LATTMAN
September 15, 2008
Insurer American International Group Inc., succumbing to relentless investor pressure that drove its shares down 31% on Friday alone, is pulling together a survival plan that includes selling off some of its most valuable assets, raising more capital and going to the Federal Reserve for help, people familiar with the situation said.
In These New Times 