American International Group, Inc. (AIG) (NYSE: AIG) is a major American insurance corporation. Its corporate headquarters are located the American International Building in New York City. The British headquarters office is on Fenchurch Street in London; continental Europe operations are based in La Défense, Paris, and its Asian headquarters office is in Hong Kong. According to the 2008 Forbes Global 2000 list, AIG was the 18th-largest public company in the world. It was listed on the Dow Jones Industrial Average from April 8, 2004 to September 22, 2008.
AIG suffered from a liquidity crisis when its credit ratings were downgraded below "AA" levels in September 2008. The United States Federal Reserve Bank on September 16, 2008, created an $85 billion credit facility to enable the company to meet increased collateral obligations consequent to the credit rating downgrade, in exchange for the issuance of a stock warrant to the Federal Reserve Bank for 79.9% of the equity of AIG. In November 2008 the U.S. government revised the credit facility, increasing the total amount available to $152 billion. AIG is subsequently has sold a number of its subsidiaries and other assets to pay down loans received, and continues to seek buyers of its assets.
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