American International Group (NYSE: AIG) brought the world to its knees just a few years ago, and that's left a justifiably bad taste in most investors' mouths.

However, the company is too cheap for you to ignore today. Even after rising more than 40% in 2012, the company trades for less than half of its tangible book value. That's about 20% of its historic norm. 

Even with the potential for tighter regulation, more scrutiny, and the likelihood of being labeled a "systematically important financial institution" (which comes with a shorter leash) AIG should handsomely reward shareholders, even if it returns to just a fraction of its former valuation.

Austin Smith owns shares of American International Group. The Motley Fool owns shares of American International Group, Bank of America, Citigroup, and JPMorgan Chase and has the following options: long JAN 2014 $25.00 calls on American International Group. Motley Fool newsletter services recommend American International Group. Try any of our Foolish newsletter services free for 30 days.

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