AIG (AIG) Higher After CEO Said Government Will Be Paid Back
Up)Shares of embattled insurer AIG (NYSE: AIG) are 12% higher this AM, which could be related to reports from Bloomberg that the new CEO said that he expects the company to be able to payback the U.S. govenment.
In an interview, CEO Robert Benmosche siad, "At the end of the day, we believe we will be able to pay back the government and we hope we will be able to do something for our shareholders as well."
Benmosche plans to rebuild AIG's profitable insurance operations and recently told employees that he won’t be pressured to sell assets to repay the government. Benmosche said, "My first charge is to get the company to operate at the level it used to operate, being the world’s best." On assets sales he said, "The fact is we owe the U.S. government a lot of money and we are not going to be able to pay it back just by our profits, so we will sell some of the company off but only at the right time at the right price."
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