CEO: AIG Will Eventually Repay Bailout
May 13, 2009 by Stephen Kersey
Filed under Business
AIG has gotten more than $150 billion in United States federal bailout money. And while the company is still far from profitable, AIG’s CEO says that the bailout money will be repaid in the next three to five years — as long as the economy recovers. If the economy doesn’t recover, he says that the repayment process could take longer.
Edward Liddy, the CEO of AIG, spoke in front of a congressional committee that wanted to hear more about AIG’s present plans and what the future may hold. The committee didn’t hold back when it came to questioning and even slamming AIG.
In recent months, AIG has come under the microscope for giving millions of dollars in bonuses to employees. That angered people around the country because it appeared as if AIG rerouted bailout money to the pockets of the same people who guided AIG to ruin.
According to Lidd, AIG is hoping to not need to ask for any more federal bailout money.
AIG Umbrella (Image: Flickr)
