AIG Moving Higher Again After Its CEO Says It'll Be Patient
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AIG (NYSE: AIG) continues its run higher and most recently traded 6% higher to $50.82.
The WSJ reported this morning that AIG's CEO Robert Benmosche is taking a more patient approach towards selling off assets than his predecessor. In fact, Benmosche is willing to wait as long as three years, to offer stakes in two multibillion-dollar foreign units that the insurer had been looking to immediately spin off.
"It's not a question of if, but when. Once the market gives us a price that I think is fair, we can go forward. ... If we sell too soon, everyone loses," Benmosche told the Journal.
"The sum of the parts are a little below the whole. The whole has to be big enough to pay back the government, and with a little hard work there will be something left called AIG," he said.
Mr. Benmosche said his main goal is to repay the government as soon as possible as the government support is still allowing AIG to operate.
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The WSJ reported this morning that AIG's CEO Robert Benmosche is taking a more patient approach towards selling off assets than his predecessor. In fact, Benmosche is willing to wait as long as three years, to offer stakes in two multibillion-dollar foreign units that the insurer had been looking to immediately spin off.
"It's not a question of if, but when. Once the market gives us a price that I think is fair, we can go forward. ... If we sell too soon, everyone loses," Benmosche told the Journal.
"The sum of the parts are a little below the whole. The whole has to be big enough to pay back the government, and with a little hard work there will be something left called AIG," he said.
Mr. Benmosche said his main goal is to repay the government as soon as possible as the government support is still allowing AIG to operate.
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