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American International Group (AIG) trimmed its tab to the American people by $25 billion on Tuesday. The insurance company, plagued by fallout from the financial crisis for more than a year, moved two subsidiaries -- American International Assurance and American Life Insurance -- into special units that are used to separate a business from its parent company. A spinoff or sale is the next logical step.
For now, AIG is holding on to the companies and giving the U.S. government preferred equity in the two life insurers. When AIG decides to send the companies public or divest via a private transaction, the feds (and taxpayers) will be able to cash in. Before becoming too optimistic, keep in mind that a timetable hasn't been set.
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