American International Group, (AIG:
American International Group, Inc
Last: 1.54-0.08-4.94%4:03pm 01/12/2009
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AIG 1.54,
-0.08,
-4.9%) the New York insurer, is progressing in its efforts to wind down its financial-products unit, and may be verging on selling one business line shortly, The Wall Street Journal reported. But the executive tasked with managing the risks in the financial-products subsidiary, Gerry Pasciucco, still faces substantial challenges, including the prospect of further weakening in markets, the paper reported. Multibillion-dollar problems that arose from the financial-products unit nearly collapsed AIG and prompted a taxpayer bailout. Prior to joining AIG, Pasciucco, 48, had been vice chairman of the capital-markets group at Morgan Stanley, the paper reported.
