AIG on the Path to Recovery
June 30, 2009 by Mark Ellis
Filed under Business
Although it recently took $40 billion from the government in order to stay afloat, American International Group’s CEO Edward Liddy has expressed his confidence that AIG is on its way to quickly paying back its federal debt. AIG chalks this up to a sweeping decrease in risks in its derivatives business.
AIG has not released any sort of predictions regarding the value of its stock increasing or decreasing in the near future, much to its shareholders’ chagrin. However, Liddy has called AIG’s chances of repaying the government “excellent” and promises a changing business model in the coming months.
Liddy revealed his predictions of AIG’s wellbeing at the company’s annual meeting this week. The meeting also involved electing eleven nominees to the company’s board of directors and standard shareholder voting procedures. If things go the way Liddy is predicting, it would be quite a dramatic turnaround for a corporation that has seen the very worst the recession has to offer.
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