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Unformatted text preview: Brenda Hawkins Economic Problems and Issues. AIG sells Asia insurance unit to Brits for $35.5 billion -- biggest taxpayer repayment so far Here's a nice change: A news story that includes AIG and lots of money but does NOT include executive bonuses. AIG, which is 80 percent owned by U.S. taxpayers after its epic fail nearly brought down the global financial system in 2008, sold its Asia insurance unit to U.K.-based Prudential PLC for $35.5 billion. (The company is not related to the U.S.-based Prudential Financial .) AIG's Asia unit is based in Hong Kong and is called American International Insurance . (AIG is a massive holding company that cobbled together several businesses over the years. The company was brought down by its London-based Financial Products division, which sold more derivatives than the insurance businesses could back. AIG's insurance businesses are in pretty good shape.) The sale will account for the biggest repayment so far of the $182 billion in taxpayer money...
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This note was uploaded on 06/18/2011 for the course BUS 499 taught by Professor Campbell during the Spring '11 term at Strayer.
- Spring '11