AIG to slow sales of assets and delay repaying U.S. taxpayers

Lita Epstein

Robert Benmosche, the newly chosen Chief Executive for AIG (AIG), put the brakes on sales of AIG assets and reopened a working relationship with former Chief Executive Maurice "Hank" Greenberg as some of his first acts as the new CEO. Benmosche wants to totally reverse decisions of the most recently replaced Chief Executive Edward Liddy, especially in regards to rushing sales of assets.

Benmosche believes the company should first rebuild those assets before sale, even if it means the U.S. taxpayers will have to wait three years or more for a return of the money lent to AIG. He wants to wait for the right time to sell. The total AIG bailout was $182.5 billion, primarily to prop up the company after it made bad choices when betting on the subprime mortgage market.

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