American International Group Inc., the insurer that turned over a majority stake to the U.S. as part of its bailout, is in talks with regulators to become independent, Chief Executive Officer Robert Benmosche said.
“We have commenced discussions with the U.S. government on the process and terms of a complete government exit,” Benmosche told employees today in a memo. “Depending of course on market conditions, which could remain volatile, we expect to make meaningful progress in 2010 on repaying the Federal Reserve Bank of New York, and over time fully repaying all of our obligations to taxpayers.”
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The insurer has delivered to the Treasury Department a plan that includes replacing the government’s stake with private ownership, according to a person with knowledge of the proposal who declined to be identified because it hasn’t been finalized.
Full story: AIG in Talks for ‘Complete Government Exit,’ CEO Says – BusinessWeek