Free Republic

AIG CEO: Liberals are deadbeatsThe head of the government-owned insurance company claims "culture" explains why business is better in red states By Andrew Leonard Wednesday, Feb 2, 2011 15:31 ET Could Treasury Secretary Timothy Geithner please send someone over to AIG to slap some sense into CEO Robert Benmosche? I am aware that the man is undergoing chemotherapy in a fight against cancer, but that's no excuse for the remarks he made at an insurance conference in Washington on Tuesday. According to Benmosche, cultural reasons explain why AIG's mortgage insurance subsidiary is doing better in red states than blue states...

AIG will convert outstanding preferred shares purchased by the US Treasury, into common stock. When the transaction is complete the Treasury will own 0.0 preferred shares and approximately 92% of AIG's common shares. "The company (AIG) said Wednesday that it expects Treasury will sell its shares of common stock over time, repaying the debt.