AIG to Suspend Lobbying Efforts in Cost-Cutting Steps
American International Group Inc. (AIG) spokesman Nick Ashooh in the "Wall Street Journal" was quoted as saying that the insurer will cut its lobbying activities. This comes on the heels over questions from Capitol Hill over the use of a $120 billion federal bailout.
AIG will also reduce events it had planned for the coming months to cut costs by about $80 million, according to Mr. Ashooh. He was not immediately available to confirm the comments.
"We're reviewing all of our expenses and activities. As part of that we have suspended lobbying activities," Ashooh told the Journal. The company will keep lobbying offices open but reduce staffing, according to the report.
Published on October 22, 2008
Are you a retail Agent Looking for a Quote?