After 90 years as a global insurance powerhouse, American International Group is expected to announce a drastic plan to break itself up. The insurer will cede control of American International Assurance and American Life Insurance to the U.S. government in exchange or a rescue worth at least $30 billion. "We are breaking up AIG, but we are trying to do it in a way that preserves value for the taxpayer, the employees and the businesses," one source said.

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