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American International Group plans to sell its savings and loan out of concerns around restrictions imposed by the so-called Volcker rule, not federal regulation.

In comments this afternoon on CNBC, Robert Benmosche, AIG president and CEO, also said he welcomes federal regulation “because we want someone over our shoulder,” especially after what happened in 2008, when AIG required a huge federal bailout because it insured an estimated $2.77 trillion of what turned out to be troubled mortgage securities.

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