AIG, Get Ready For A Turn At The Wax Shed

After the government publicly scolded Dick Fuld yesterday, it’s training its eye on American International Group today. The House Oversight Committee headed by Henry Waxman will try to figure out who to blame for AIG’s collapse. Good luck with that.

Former AIG CEO, Maurice “Hank” Greenberg, has an idea about who caused AIG’s business to implode: Everyone but himself. Bloomberg reports that Greenberg intends to pin AIG’s failures on his successors, though he won’t be able to attend the hearing because of an illness. As he’s said on the Charlie Rose show and in regulatory filings, the post-Greenberg managment blew up all that he’d built.

On Friday, AIG acknowledged that it needs to start repaying the government, because it is burning through the government’s $85 billion lifeline, already using $61 billion.

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