AIG CEO to quit over Goldman stake

A U.S. agent Thursday bidding affair about a pale in Goldman Sachs Group Inc. captivated by Edward Liddy, arch controlling administrator of bailed-out insurer American International Group Inc., and apprenticed him to quit.

Mr. Liddy owns shares and belted banal units in Goldman that could be account added than $3 million, according to filings at the U.S. Securities and Exchange Commission.

Goldman, a above allowance and cyberbanking firm, got a ample allotment of $90 billion in counterparty payments fabricated by AIG, a almsman of $180 billion in aborigine aid back aftermost year.

"I am acutely anxious by contempo media letters that AIG CEO Edward Liddy owns added than $3 actor of banal in Goldman Sachs, which topped the account of companies that accustomed billions of dollars in counterparty payments from AIG," said Rep. Elijah Cummings, D-Md., in a statement.


"For months, I accept been calling on Mr. Liddy to abandon from his position at the captain of AIG, and in ablaze of the fresh advice about his banal backing at Goldman, I renew that anxiety today," Rep. Cummings added.

Mr. Liddy's backing were aboriginal appear by The Washington Examiner.

Rep. Cummings said: "Regardless of whether or not Mr. Liddy is acting in the best absorption of AIG or of his banal in Goldman, alike the actualization of battle of absorption is a acumen for alarm."

An AIG backer said Mr. Liddy endemic Goldman Sachs shares afore he abutting the Goldman lath and that, back he joined, he chose to booty his advantage in belted stock. Mr. Liddy accommodated from the Goldman lath in September 2008.

"He will accept his belted banal in the anatomy of common, complete shares in May of 2009," she said, abacus that Mr. Liddy has never awash Goldman shares.

She said Mr. Liddy "was not complex in discussions with counterparties, including Goldman Sachs, accompanying to the acquirement of collateralized debt obligations or the abortion of accompanying acclaim absence swaps. Mr. Liddy is assuming his duties with AIG as accessible account for $1 per year."

The centralized babysitter for the Treasury Department's banking accomplishment affairs is analytical billions of dollars in counterparty payments from AIG to above banks.

AIG appear on March 15 it had paid added than $90 billion to Goldman and added banks, abounding based in Europe.



copyright@2008 Insurance Database Design by allnewsinfo | Privacy Policy |

Back to TOP