Desperation Spin--When Losing $4.35 Billion Is 'a Rare Moment of Good News'
AIG Narrows Loss In First Quarter
By Brady Dennis Washington Post Staff Writer Friday, May 8, 2009
American International Group yesterday announced a first-quarter loss of $4.35 billion, down from a $7.81 billion loss a year earlier -- a rare moment of good news for a company that has been beleaguered by poor performance and public outrage in recent months.
. . . the government's total rescue package ballooned to more than $180 billion . . . it plans to accelerate the separation of its global property and casualty insurance businesses from the parent company as part of an effort to restructure itself and re-brand its more profitable divisions. The new company, AIU holdings, would house some of AIG's most successful insurance operations and employ 44,000 people in scores of countries.
In the meantime, the company's stock price has more than quadrupled, from 42 cents a share on March 2 to $1.95 yesterday.
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