WASHINGTON - The government-installed CEO of American International Group Inc. will tell Congress that the insurance giant has reduced but not eliminated the risk that its failure could pose to the global economy despite getting more than $180 billion in federal bailout aid.
How long it will take AIG to repay the government will hinge on how long the worldwide recession drags on, Edward Liddy asserts in testimony he will deliver Wednesday at a hearing by a House panel that is exploring where taxpayer money is going. He also will tell lawmakers that the hobbled company — which has been selling off many of its foreign assets to repay taxpayers — is stabilizing and doesn't need more bailout money.
The hearing is scheduled to begin at 10:00 a.m. EDT.
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