AIG: no cover

American International Group, the US insurer, shouldn’t look like Lehman Brothers did a week or so ago, but it does. Its business is decent in places, but it’s overshadowed by losses it was too slow to recognize, a shortage of capital, and shares in free fall. Chief executive Bob Willumstad could come to regret turning down the low-ball offer that came over the weekend from a private equity consortium led by JC Flowers. It involved a cash infusion along with rights that could have enabled the i...