Former AIG chief says bailout 'failed' [View All]

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Source: Politico/Yahoo

Former AIG CEO Maurice “Hank” Greenberg says the bailout has "failed" and he's proposing a 10-point alternative focused on saving, not breaking apart, the mega-insurer. Greenberg will reveal his plan during a hearing before the House Oversight and Government Reform Committee today...

(snip)

Elements of the Greenberg plan include reducing the government ownership to a 15 percent equity stake from the current 80 percent, injecting new capital in the form of common stock, and installing a new board and management team.
The real fireworks in the Greenberg hearing, however, may not come from his complex proposals, but from House lawmakers still eager to find villains in the AIG meltdown.



Read more: http://news.yahoo.com/s/politico/20090402/pl_politico/20799_1

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This is surprising news - I thought they were already in the process of breaking AIG apart - that is why people had left because they had 'un-wound' their portion of the company. Very strange...