American International Group ( AIG) has slashed or delayed payments to partners in some of its real-estate ventures, potentially hurting several banks and developers, according to a news report.

One deal concerning shopping center developer Alex Baker may put 15 banks at risk of exposure to bad debt, according to the Wall Street Journal. Affiliates of another developer, Mitchell L. Morgan Management, sued AIG in February, alleging that the insurer fell behind on payments.

AIG Global Real Estate has over $23 billion worth of ventures, according to the paper, creating a similar situation -- on a smaller scale -- to the counterparty risk that led the government to step in and shore up the struggling insurance giant with $180 billion in public funds.

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