AIG Still 18 Months From Independence

Published by: Kelly Curtis on 17th Jan 2011 | View all blogs by Kelly Curtis
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AIG Still 18 Months From Independence

American International Group CEO Robert Benmosche told CNBC on Friday that the insurer, which is currently 92-percent-owned by the US government, will probably not be completely independent again for at least another 18 months.

The recapitalization of AIG, which needed one of the largest and most controversial bailouts ever to stay afloat, closed on Friday, sparking immediate speculation as to how long it will take the US government to exit its position as majority stockholder in the company.

Benmosche, meanwhile, said he hopes to be able to see the deal through to its end, despite undergoing chemotherapy for cancer.  “If my health is fine and my doctors say that I'll be able to stay as healthy as I am now for the next 12 to 18 months, I would love to see this all the way through,”  he said.  “I'm in pretty good shape. I'm looking forward to seeing this all the way through until the last share gets sold.”

As for the state of the company, Benmosche claims it is still a well-diversified operation and denied reports that the company is losing employees to competitors.  “There is a core of people in leadership positions that created what AIG is today, before the disaster, and therefore they're going to be here to rebuild it,” Benmosche said. “We're not losing people as much as people think.”

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