Wednesday, March 18

AIG unlikely to seek more funds

Edward Liddy spent time on Capitol Hill today testifying before the U.S. House Financial Services Capital Markets Subcommittee.

Edward Liddy is the current Chairman and CEO of AIG (American International Group), having accepted the position in September of last year for an annual salary of $1.00.

Mr. Liddy said today during questioning, that he felt it would be unlikely that AIG will require the use of the $30 Billion that is currently allocated for the firms use. Mr. Liddy went further to say that the insurance giant would effectively wind down operations over the next four years, and that the remaining business units would more than likely operate under new or modified names as the name AIG has been severely dragged through the mud and disgraced.

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