'The dividing of AIG is exactly what we're doing so the entity that existed for 90 years as AIG will over time cease to exist,' Mr Liddy said. -- PHOTO: AGENCE-FRANCE PRESSE
WASHINGTON - INSURANCE giant AIG's Financial Products Unit is to be wound down within four years, its CEO Edward Liddy told lawmakers on Tuesday as the bailed-out company faced mounting pressure over lavish bonuses.
'The dividing of AIG is exactly what we're doing so the entity that existed for 90 years as AIG will over time cease to exist,' Mr Liddy said.
'This business will get a lot smaller at the end of '09. A whole lot smaller at the end of 2010. As it gets smaller it just represents much less risk,' said the CEO of American International Group.
Asked how long it would take to wind down the Financial Products Unit, whose complex dealings were a major cause of the company's meltdown, he responded: 'Four years.' -- AFP
