WASHINGTON — Shares of American International Group rose more than 20 percent Monday as the head of the House Committee on Oversight and Government Reform said that panel will examine a plan to reduce the company’s massive bailout package.
The stock surge occurred despite a report from congressional investigators that cast doubt on efforts by AIG to restructure its operations and repay its bailout.
Rep. Edolphus Towns, D-N.Y., chairman of the House committee, will have that panel study a plan by former AIG chief executive Maurice “Hank” Greenberg to reduce and restructure the company’s bailout package, a committee spokeswoman said Monday.
Towns, who has not spoken to the Treasury Department about the plan, met with Greenberg last week, the spokeswoman said. The Associated Press
