AIG: split (isn’t) the difference

American International Group’s shares will once again trade in the $20s. Time to celebrate? Not exactly – they will return to these heights only because of a 1-for-20 reverse stock split. But some optimism is warranted by a fresh slate of directors bringing a range of potentially useful skills to the government-supported US insurer. With luck, they can help recoup taxpayers’ sunken treasure. After $180bn of taxpayer bailouts, progress is still slow. Separations, spinoffs and sales of relatively...