AIG CEO puts off meeting with critical congressman
NEW YORK (Reuters) - American International Group Inc (AIG.N) Chief Executive Edward Liddy has asked for more time before meeting with U.S. Rep. Elijah Cummings, who has been critical of the insurer and management in recent weeks.
"Given the breadth of your inquiries to date, and our parallel commitment to make certain we provide you with thorough answers ... it is in everyone's best interest to re-schedule the meeting that is on the calendar for tomorrow, December 18," Liddy wrote in a letter dated December 17 that was seen by Reuters.
In a return letter to Liddy on Thursday, Cummings said AIG's last-minute postponement was "stonewalling" and similar to "stall tactics" he had seen others make to Congress.
"Please rest assured that neither I nor my colleagues in Congress will relent until we get answers ... and until we have full transparency into the operations of your company," said Cummings.
Cummings, a Maryland Democrat, has sent four other letters to AIG in the past five weeks, and in numerous media appearances has been critical of some of its practices, most notably its plans to pay retention bonuses to thousands of staff.
AIG has said the payments are designed to limit departures after the company posted $42.5 billion in losses over the past four quarters, putting it on the verge of collapse.
AIG was saved by a U.S. government bailout in September that last month ballooned to about $152 billion.
Cummings argues that with so much taxpayer money at stake, AIG has no right to pay any type of bonus to staff, and has called for Liddy's ouster.
Liddy, a former Allstate Corp (ALL.N) CEO, joined AIG three months ago, at the time of the government's initial rescue. He is the insurer's third CEO in as many years.
In his letter, Liddy chided Cummings for the personal nature of his attacks on AIG.
"While all of us who hold senior positions of responsibility are accustomed to fair debate in the court of public opinion, I am deeply concerned that our collective effort to save AIG and make the facts known have degenerated into a personal attack on me," said Liddy, noting that he has accepted a $1 annual salary.
(Reporting by Lilla Zuill; editing by Jeffrey Benkoe)
