Posted on 01 May 2009
American International Group Inc. (AIG) and the House Committee on Oversight and Government Reform finally agreed on a date for the insurer's CEO to testify.
AIG Chief Executive Edward Liddy will testify before the congressional committee on May 13, and he'll be joined by three trustees who are due to make their first public comments since being appointed by the government to oversee taxpayers' stake in the giant insurer.
Mr. Liddy's appearance comes after an earlier potential date, May 6, was changed because AIG is due to report its results for the first quarter the following day. The committee then switched to the 13th.
An AIG spokeswoman confirmed Mr. Liddy's pending appearance on May 13, as well as the conflict over his appearing a day before AIG's earnings. She said the committee had "graciously" offered to move the date to the 13th and that AIG had accepted the invitation for that date.
Mr. Liddy's previous appearance before Congress came in March, amid a controversy over bonuses paid to employees at AIG's Financial Products unit. Woes there pushed the company to the brink of bankruptcy before the government bailed out the firm. It has committed up to $173.3 billion to rescue AIG.
The hearing will also feature the three trustees, Jill Considine, Chester Feldberg and Douglas Foshee, who were appointed in January and in March took control of the government's nearly 80% stake in AIG, which it received in exchange for the bailout. The committee wants them to address what they've done so far in regards to AIG, and whether taxpayers' investment is "adequately protected," according to letters inviting the trustees to testify. A spokesman for the trustees confirmed their planned appearance.