AIG can borrow own money to stay afloat

American International Group will be allowed to use $20bn (€14bn) of assets held by its subsidiaries to provide cash needed for the troubled insurer to stay in business.

The move comes as New York-based AIG reviews its operations and discusses alternatives with outside parties, reportedly including Warren Buffett’s Berkshire Hathaway, to shore up its business amid concern the world’s largest insurer could need billions to strengthen its balance sheet.