More than $180 billion later, AIG is still a toxic economic site.
That’s what American International Group Inc. Chief Executive Edward Liddy told a House panel Wednesday, saying the insurance giant has reduced but not eliminated the risk its failure poses to the global economy despite getting more than $180 billion in federal bailout aid.
“The assurance I can give you is we will do everything we can to not require more federal money” but that will hinge on how long the worldwide recession drags on and the condition of the financial markets, Liddy told the House Oversight and Government Reform Committee.
Liddy, who the government installed as head of AIG, said the crippled firm is selling many of its foreign assets to repay U.S. taxpayers, but lawmakers questioned whether the plan makes sense and demanded details.
Liddy agreed to provide portions of AIG’s “Project Destiny” restructuring plan to the committee, but said details are sensitive and could hurt the company’s ability to sell assets.
“We will work with you to provide everything that we possibly can,” Liddy told committee chairman Rep. Edolphus Towns, D-N.Y. Main Street Americans were angered over AIG’s secrecy and its payment of millions in bonuses to employees, Towns said.
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