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Washington could take bigger AIG stake

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Washington could take bigger AIG stake

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Beleaguered insurance giant American International Group reportedly could allow the US government to take control of certain assets if it cannot raise enough cash through selling them.

AIG, which continues to haemorrhage money and will need more government aid, owns Washington 150 billion dollars which was borrowed last year to save it from collapse. Its Asian life insurance unit is up for sale, but if no buyer comes forward at the right price the US government could become the part owner.