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American insurance giant on verge of collapse

Staff Reporter 1 minute read

American International Group (AIG) could become the third major victim of the credit crisis in a week as it struggles to source additional capital to stay afloat.

According to Bloomberg, the insurer is seeking a loan of at least $US75 billion ($A94 billion) through Goldman Sachs and JPMorgan Chase & Co, after the Federal Reserve declined to provide it with funding.

AIG’s share price fell 61 per cent yesterday to $US4.76, ($A5.95) – a fall of 92 per cent for the year.

Published: 16-09-08

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