A well-capitalized AIG unit distances itself

NEW YORK - Workmen rolled up their sleeves at American International Group over the weekend to take down the most prominent sign at the Manhattan offices of the embattled insurer, which has drawn the scorn of America.

Spokesmen said AIG decided to replace the sign - outside the entrance to its property-casualty offices - as part of a plan to change that operation's name to AIU Holdings Ltd., to "distinguish these well-capitalized businesses from AIG." The sign is at the Water Street offices, near AIG's Pine Street headquarters, which has long been marked only by an understated brass plaque. AIG may sell the headquarters to help raise funds to repay its debt to the US government.

Big losses on mortgage bets led to a government bailout that's costing taxpayers up to $180 billion. The AIG name became even more tarnished after a scandal erupted over bonuses for executives.