American International Group Inc.'s (NYSE:AIG) CEO Edward Liddy is proving less of a punching bag than some had thought he'd be in his testimony Wednesday before a House subcommittee.
With lawmakers geared up to rake the company over the coals, Liddy came prepared with answers to blunt some of the furor over the retention bonuses for AIG's financial products unit. Specifically, he said the executives responsible for getting the company in hot water with credit default swaps are no longer with the company.
But while the names may have changed, the unit's portfolio remains a real danger. Liddy said that while AIG had "wound down more than $1 trillion in the portfolio of AIG Financial Products -- the unit that is at the root of our financial problems -- that portfolio remains very large -- $1.6 trillion -- and it continues to contain substantial risk." -
George WhiteSee Dealscape post AIG bonus recipients
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