AIG's Liddy to step down
Liddy's replacement will be the fifth CEO at AIG since 2005.
Liddy, who was tapped to run the company by the government back in September, recommended that the chairman and CEO positions be split.
"It really is a terrible job -- I'm not sure who would really want it," Robert Haines, an analyst at CreditSights, told Bloomberg News. "There is so much political baggage that whoever takes over the company is going to find it an extremely difficult and thankless job."
Liddy was paid just $1 per year but nevertheless struggled under the burden of the company's troubles and the bonus blowup. AIG, which received $182 billion in bailout money from the government, paid $165 million in bonuses to executives in its financial products division, which is the division that got the company into trouble.
"Much work remains to be done at AIG, but much has already been accomplished," Liddy said in a statement. He noted that the company's recovery "is likely to take several years, (and) AIG should have a leadership team committed to a similar time horizon and prepared to carry the plan to completion."
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[BRIEFING.COM] The major averages ended the midweek session with slim gains after showing some intraday volatility in reaction to the release of the latest policy directive from the Federal Open Market Committee. The S&P 500 added 0.1%, while the relative strength among small caps sent the Russell 2000 higher by 0.3%.
Equities spent the first half of the session near their flat lines as participants stuck to the sidelines ahead of the FOMC statement, which conveyed no changes to the ... More
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