At Brink Of Collapse, AIG Gets Emergency Funding

Law360, New York (September 15, 2008, 12:00 AM EDT) -- Facing a potential downgrade of its credit rating, American International Group Inc. on Monday received permission from the state of New York to access $20 billion of its own assets while federal officials reportedly help the insurer negotiate a private sector solution to its liquidity problems.

The state of New York has agreed to relax insurance regulations to allow AIG, the world's largest insurance provider, to transfer assets so it can access the cash necessary for short-term liquidity, Gov. David Paterson announced Monday.

The plan is...
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