AIG near plan to trim government stake: Reports

NEW YORK: Published reports say American International Group Inc is in accelerated talks on a plan to pay back its taxpayer debt and reduce the government's majority stake in the insurance giant.

The Wall Street Journal and The New York Times, citing people briefed in the negotiations, reported late Tuesday that the plan is expected to be announced in the coming days, well before November's midterm elections.

AIG was one of the hardest hit financial companies by the credit crisis and received multiple bailout packages from the government. AIG's outstanding balance of assistance from the government totaled $132.1 billion as of June 30.

Messages were left seeking comment from AIG and the Treasury Department but were not returned as of late Tuesday.