AIG's Liddy Admits Taxpayers Won't Get Their Money Back

AIG CEO Edward Liddy kicks off his speech to Congress with “three simple beliefs,” the first of which is this:

“When you owe someone money, you pay that money back.” 

Alas, he ends it with an apparent admission that there is no way AIG will ever do that:

The people at AIG today are working as hard as we can to execute the restructuring plan that, we believe, offers America’s taxpayers the best possible outcome:

* Repayment of AIG’s debt to the government to the maximum extent possible. [our emphasis.]

 

AIG CEO Edward Liddy Testimony
AIG CEO Edward Liddy Testimony hblodget

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