CEO Edward Liddy said that he didn't expect that the company would request more
federal funds and that the company hoped it wouldn't exhaust $173 billion
pledged to it by the government.
Liddy is testifying before the U.S. House Financial Services Capital Markets
Subcommittee Wednesday. Liddy indicated that $30 billion steered to AIG earlier
this month by the federal government may not be used.
"I do not anticipate asking the federal government for more money," Liddy
said. "I would like very very much if we did not have to draw on the $30
billion."
Asked directly about how long it will take for the company to wind down its
financial products division - the source of much of its problems - Liddy said
it could take as long as four years. He said the company should be able to show
"tremendous progress" on winding down various books of business by the first
quarter of 2010, but that getting the whole division unwound could take longer.
Liddy also said that he didn't expect businesses currently under the AIG
umbrella to continue using the AIG name in the future.
"I think the AIG name is so wounded and disgraced, we'll probably have to
change it," he said.
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