American International Group (AIG) reported a $4.35 billion ($1.98 per share) loss for the first quarter that included a $1.9 billion charge for restructuring costs at AIG Financial Products Corp. (AIGFP).

Over the past five quarters, AIGFP has reduced its portfolio of CDOs (backed mostly by subprime MBS) by more than 40% to $1.5 trillion.

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