Talks under way to rescue AIG

NEW YORK, Sept. 16 (UPI) -- Executives of AIG, the giant insurance firm teetering on the brink of collapse, Tuesday held emergency meetings at the New York Federal Reserve, officials said.

The Financial Times reported talks were held amid concerns that if AIG, one of the world's largest insurers, fails it could further roil the global financial markets.

The company's future, bankers said, depends on whether the federal government was prepared to provide at least a temporary bailout.

Latest estimates are that AIG would need about $70 billion to shore up its balance sheet, the newspaper reported.

The New York Times reported Fed officials met with AIG, JPMorgan Chase, Goldman Sachs, Morgan Stanley and others to discuss possible options.