Former AIG CEO Greenberg: Bailout Has Failed
Maurice "Hank" Greenberg, the former CEO of AIG, told Congress today that if the struggling insurance giant had simply been allowed to declare bankruptcy taxpayers would have been spared spending $180 billion to bail out the company.
He said the federal bailout of the insurance giant has "failed" and Americans cannot expect to recoup the $180 billion the government has poured into the company.
"I share your concern, and the concerns of the American people, that the terms of the AIG bailout has tremendous burdens on taxpayers," Greenberg told lawmakers. "All plans so far advanced by the U.S. government to date have failed and the current plan, in my opinion, will not succeed. Major mistakes have been made."
