Contact:
Christina Pretto
212-770-7083
Mark Herr
212-770-3050
EDWARD LIDDY DELIVERS TESTIMONY TO HOUSE SUBCOMMITTEE
NEW YORK, Mar. 18, 2009 – AIG Chairman and Chief Executive Officer Edward Liddy
delivered the following remarks today at a hearing held today by a subcommittee of the U.S.
House of Representatives:
“Thank you Chairman Kanjorski, Ranking Member Garrett, Members of the
Subcommittee. I appreciate the opportunity to appear before you, as the representatives of
our largest shareholder – the American people.
“My name is Edward Liddy. Six months ago, I came out of retirement to help my
country. At the government’s request, I have had the duty and extraordinary challenge of
serving as Chairman and Chief Executive Officer of American International Group – AIG. I
speak to you today on behalf of 116,000 AIG employees around the world who are united
around one simple belief: when you owe someone money, you pay that money back.
“I’m sure we all share that belief. I believe that you and I also share a common
agenda today – to clean up the mess at AIG, and in the process help get the American
economy moving again.
“Let me speak directly to the situation at AIG that has sparked the nation’s outrage
over the past several days.
“No one knows better than I that AIG has been the recipient of generous amounts of
government aid. We are acutely aware not only that we must be good stewards of the public
funds we have received, but that the patience of America’s taxpayers is wearing thin.
“Where that patience is especially thin is on the question of compensation. I am
personally mindful both of the environment in which we are operating and the President’s
call for a more restrained compensation system.
“At the same time, we are essentially operating AIG on behalf of the American
taxpayer so that we can maximize the amount we pay back to the government. We weigh
every decision with one priority in mind: will this action help our ability to pay moni