Reports today indicate that American International Group, Inc. (NYSE: AIG) may need yet another bailout from the federal government. This time, The New York Post states that AIG will likely require additional government guarantees before it can successfully sell its International Lease Finance Corp. (ILFC) aircraft leasing business.

"Already, the government has agreed to guarantee $5 billion of debt, but those remaining in the auction now want either more government aid or support from airline manufacturers," reports the Post. The newspaper notes that ILFC carries a $30 billion debt load, portions of which will soon mature, along with $50 billion in assets. The unit, which has been up on the auction block since last September, has a book value of $7.5 billion.

AIG shares slipped more than 6% this morning to trade at $1.46, extending their 52-week swoon of 95.7%. After smacking into resistance from its 10-month moving average, the stock is now struggling to maintain a foothold atop its recently supportive 10-week trendline.

Even though the security is trading fairly low on the charts already, some traders are betting on continued losses from AIG. Despite a 16.4% drop in short interest during the most recent reporting period, shorted shares still account for a hefty 9.7% of the stock's available float. Plus, peak put open interest in the June series lies at the 2 strike, with 17,975 contracts in residence.

Elizabeth Harrow is an analyst and financial writer in the research department at Schaeffer's Investment Research. She is featured in the video series Schaeffer's Daily Q&A on SchaeffersResearch.com.

AIG (NYSE: AIG) is a sinking ship, at least as far as the stock market is concerned. It posted a loss of close to $8 billion last quarter and said it would have to raise over $12 billion. Not a healthy picture for one of the world's largest insurance companies.

Now, one of AIG's key divisions would like to go out on its own. According to The Wall Street Journal, "Officials at powerhouse International Lease Finance Corp. have grown increasingly concerned that the company will be weakened by its parent's financial woes." ILFC, as the company is known, is the largest aircraft leasing company in the world. If AIG has a drop in its credit rating, ILFC will find it more difficult, and more expensive, to raise money.

The ILFC raises, once again, the issue of whether financial services firms put together over the last two decades benefit shareholders at all. What does the aircraft leasing business have to do with insurance? Across town in NY, the board at Citigroup (NYSE: C) is probably asking what relationship Smith Barney has to the bank's international consumer service business.

The more quarterly results that come out from financial giants the clearer it is that some very good operations are trapped inside troubled parents. Why wouldn't shareholders want a piece of the action by having these businesses spun out? The answer is they do want a piece of the success, and there is no reason they should not get it.

Douglas A. McIntyre is an editor at 247wallst.com and author of the Ten Stocks Under $10 letter.