A unit of American International Group that played an outsized role in the 2008 global financial crises is nearing its official end

A unit of American International Group that played an outsized role in the 2008 global financial crises is nearing its official end

VERBATIM:

AIG says its Financial Products unit has filed for Chapter 11 bankruptcy protection. Bad bids on mortgages by the Financial Products unit knocked parent AIG off its feet and a cascading series of bank failures nearly led to a global economic collapse. AIG was saved by a U.S. funded bailout that exceeded $182 billion.