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Treasury officials could have avoided the explosive controversy over American International Group bonuses if they had carefully examined the company's compensation system, government investigators reported.

American International Group reported net income of more than $1.8 billion for the second quarter of this year--the first time the troubled New York-based company has shown a profit since the third quarter of 2007.

The American International Group's AIG Financial Products Corp. said it has completed the sale of its energy and infrastructure investment assets for aggregate net proceeds in excess of $1.9 billion.

Almost two decades ago while working as the corporate risk and claim manager for a large international corporation, I was waiting for a meeting with my boss, the corporate CFO.

American International Group's embattled chairman and chief executive officer, Edward M. Liddy, will step down as soon as replacements can be found, with the two leadership positions to be filled by separate individuals, the company announced last week.

Treasury Secretary Timothy Geithner cautioned today that the government's involvement with American International Group is likely to be lengthy.

It will take at least three-to-five years for American International Group to repay the tens of billions spent by taxpayers to keep the beleaguered company afloat--and that's only if the capital markets cooperate, AIG's head informed Congress last week.

American International Group's game plan going forward is to establish "separate identities" for its "best businesses" and to shut down its financial products unit, company Chairman and CEO Edward Liddy is expected to tell a House panel tomorrow.