AIG Financial Products Corp.

Wilton, CT United States

 

Company Description

AIG Financial Products carries the dubious distinction of nearly causing the collapse of its parent, insurance giant American International Group (AIG). The company lost billions of dollars trading risky credit default swaps, spurring the Federal Reserve to step in and bail AIG out to the tune of $182 billion. As a result, the federal government took a stake of some 80% of AIG. Additionally, AIG Financial Products stopped accepting new business and began winding down operations. In 2009 it sold its commodity index business to UBS, sold its energy and infrastructure holdings to an undisclosed buyer. The company previously sold its stake in the London City Airport to Global Infrastructure Partners.