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AIG Announces 2008 Stock Repurchase Authorization

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The board of American International Group Inc. has set aside an additional $8 billion for buying back shares of the company’s common stock.

AIG, New York, still has $3 billion left over from the $8 billion earmarked for 2007 repurchases, and it plans to use that authorization soon, the company says.

The new authorization will affect 2008 stock repurchases.