AIG will on Monday announce a radical plan to break itself up after 90 years as a global insurance conglomerate by ceding control of its two largest divisions to the US government in exchange for a $30bn-plus lifeline. (FT link)
Interestingly, this is the recommended solution suggested for AIG by John Allison, BB&T chairman, and the longest-tenured CEO of a top-25 financial services company, in his Jan 29th lecture on the financial crisis (video) at the Ayn Rand Institute. In fact, Ayn Rand seems to be popping up everywhere recently.
One wonders if a Citi break-up is in the cards, also?