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Posted AT 3:08 PM EST on 15/09/08

N.Y. allows AIG to borrow from subsidiaries

The Associated Press

CHARLOTTE, N.C. — American International Group Inc. will be allowed to use $20-billion (U.S.) of assets held by its subsidiaries to provide cash needed for the troubled insurer to stay in business, New York Governor David Paterson said Monday. The move comes as AIG continues to review its operations and discuss alternatives with outside parties, reportedly including Warren Buffett's Berkshire Hathaway Inc.

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