AIG sells private bank

The asset sale continues relentlessly even as AIG's government loans ballooned from the initial US$85 billion to US150 billion. Its assets were estimated at US$1 trillion before the credit crises and financial meltdowns and scandals hit the global financial markets, crippling and sending many once-venerated institutions to near collapse and bankruptcy. Its liabilities were estimated at US$1.4 trillion (i.e., approx $400 billion more than its assets), hence its near bankruptcy, as it faced difficulties to raise funds in the midst of the credit crunch.