The board of American International Group Inc. (AIG) on Sunday is reported to have approved an extensive revision of the government's $150 billion bailout, according to Reuters. The news comes after a week of rumors that AIG and government officials were contemplating slicing the organization up into three separate companies, and on the verge of the company releasing a roughly $60 billion loss early on Monday.

A source with “direct knowledge of developments” told Bloomberg today that as part of the deal, in a meeting with the government AIG said it planned to rename its property-casualty business to differentiate it from AIG, and it will be given its own board of directors, said the source.

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