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New AIG CEO Says Expects To Repay Gov't

 

Friday, Aug 21,2009, 2:13:57 PM   Click:

NEW YORK_Shares of American International Group Inc. skyrocketed Thursday after the company's new CEO was quoted by Bloomberg News as saying the company will repay its debts to the government.

New York-based AIG named Robert Benmosche its new CEO earlier this month. He had previously been CEO of MetLife Inc., the largest U.S. life insurer.

An AIG spokeswoman declined to comment on the report.

Shares of AIG jumped $7.02, or 26.4 percent, to $33.66 in late morning trading.

When the credit crisis hit last year, the U.S. government rescued AIG from the brink of collapse with a loan bailout package worth up to $182.5 billion. The government now owns roughly 80 percent of the huge insurer. AIG is shedding assets and cutting costs as it restructures.

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