No end in sight for AIG payback saga

By doris | Published: July 16, 2009

Full Story at money.cnn.com

NEW YORK (CNNMoney.com) — AIG suffered another setback in its effort to pay back the government this week, again calling into question whether the troubled insurer will ever be able to make good on the billions of dollars it owes U.S. taxpayers.

A large part of the company’s plan to pay back the $83.5 billion of federal loans it owes involves selling non-core assets, including its Wall Street headquarters. That plan hit a snag over the weekend when Franklin Templeton Investments, the lead bidder for one of the insurer’s asset-management units, dropped out of negotiations, according to a source with knowledge of the deal.

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