AIG CEO: Company Is Now 'Far More Stable'

At American International Group's (AIG) annual meeting in New York, Chief Executive Edward M. Liddy touted the company's progress on repaying government assistance and proclaimed that the company had lowered risks in its derivatives business, despite a recent disclosure that it could face new, unrealized losses.

Liddy didn't, however, offer any promises of a recovery in AIG's stock price to shareholders seeking assurances.

A slate of 11 nominees for directors were elected to a one-year term at the meeting, including six newcomers who were solicited by the U.S. government. Shareholders also voted to approve a proposal for a reverse stock split of AIG's outstanding common stock at a ratio of one for 20.

Read Full Article from CNNMoney.com

- Posted: 2009-06-30 13:13:29

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