Liddy Elected as AIG CEO, Sees Smaller Firm
Newly elected Chief Executive Edward Liddy in an interview with the Wall Street Journal said that American International Group Inc. (AIG) may become a smaller firm with hopefully many of its largest insurance operations intact after assets are sold to pay back a federal loan.
"There will be a company at the end of this," Liddy was quoted. "It'll be smaller; it'll be a lot nimbler," Liddy said.
The new chief executive described AIG's international and domestic property-casualty operations as a "keeper," adding that he would like to keep as many of the company's operations intact as possible.
The U.S. government this week agreed to rescue the insurer with an emergency $85 billion loan from the New York Federal Reserve to help stave off bankruptcy. The bailout helped to soothe rattled financial markets around the world and kept AIG from surpassing Lehman Brothers as the largest U.S. corporate failure ever.
Published on September 19, 2008
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