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Wed May 16, 2012
Insurance giant American International Group, Inc. is the latest company to face significant financial losses because of ties the company’s insurance units have in the subprime lending sector, according to a news report from Bloomberg news.
In an interview with Christopher Swift, vice president for life and retirement services at the insurance platform, Bloomberg found that Swift admits the insurance giant will cover “as much as $5 billion of any losses on sales of the investments,” Bloomberg said.
The portion that AIG must cover is dramatically higher than the $500 million assessment made earlier this year.
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