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AIG CEO slated for Congress testimony: aides

WASHINGTON
Sun Mar 15, 2009 7:44pm EDT
AIG Chief Executive Edward Liddy delivers a speech during a presentation held by the American Chamber of Commerce & Hong Kong General Chamber of Commerce at a hotel in Hong Kong December 11,2008. REUTERS/Woody Wu

WASHINGTON (Reuters) - The CEO of American International Group Inc is expected to testify on Wednesday at a U.S. congressional hearing on the bailout of the troubled insurer, two congressional aides said on Saturday.

Crisis in Credit

Edward Liddy, chief executive of AIG, is scheduled to appear with other witnesses before the House of Representatives capital markets subcommittee, the aides said.

The company's bonus pay practices are expected to be one focus of the session, as well as the impact on the economy of AIG's problems and the government's efforts to save it.

Once the world's largest insurer, AIG has been bailed out three times by taxpayers for a total of up to $180 billion.

The company agreed on Saturday to revamp its system for paying bonuses after the Obama administration objected to plans for hundreds of millions of dollars in such payouts.

Separately, AIG is expected to disclose the identity of counterparties to the credit default swaps it wrote to guarantee complex debt securities, a source close to the company said on Saturday. The timing of the announcement was not yet clear.

(Reporting by Kevin Drawbaugh, with Lilla Zuill and Paritosh Bansal in New York; Editing by Eric Beech)
Crisis in Credit


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