NEW YORK — Former AIG chief executive Edward Liddy, who returned the bailed- out insurer to profitability, had “no idea” what he was in for when he joined the firm, he wrote to employees.
Liddy, 63, came out of retirement to oversee a rescue that ballooned to $182.5 billion, endured two congressional hearings and was the face of the insurer during a period in which employees received death threats and AIG reported the biggest loss in U.S. corporate history. His salary was $1.
“I will return to retirement with $1, a few bruises and a feeling of hard-earned accomplishment,” Liddy said in a letter dated Aug. 7. “I do not intend to linger or second-guess new management or policy makers.”
Liddy oversaw the beginning of efforts to repay the government by selling assets. When he failed to find buyers as quickly as expected, he persuaded the U.S. to expand the bailout three times.
“Truth be told, I had no idea what I was in for when I accepted this assignment, but I am glad that I came,” Liddy said. “It hasn’t been easy, and goodness knows, it hasn’t been pretty.”
Liddy said he plans to “pass on the lessons of this extraordinary phase of American financial history” to future business leaders.
“America has lost confidence in corporations,” he said. “Restoring that confidence is the first step toward regaining our footing in the global economy.” Bloomberg News
