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EXCLUSIVE - AIG CEO slated for U.S. Congress testimony - aides
March 15, 2009 / 3:43 AM / 9 years ago

EXCLUSIVE - AIG CEO slated for U.S. Congress testimony - aides

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.

AIG Chief Executive Edward Liddy is seen during a presentation held by the American Chamber of Commerce & Hong Kong General Chamber of Commerce at a hotel in Hong Kong in this December 11,2008 file photo. REUTERS/Woody Wu/Files

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.

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