American International Group plans to hold its stockholder's meeting tomorrow despite a letter from its former chief executive Maurice R. Greenberg urging it to postpone the session in the wake of the firm's announcement of a $7.8 billion first-quarter loss.

In a letter to the board dated Sunday, and filed with the Securities and Exchange Commission, Mr. Greenberg called for a postponement of AIG's meeting to give shareholders time to digest the company's recent actions and losses. He wrote that the company “is in crisis” and that shareholders need time to “give careful thought to how best to move AIG forward.”

AIG on Friday posted the net loss of $7.8 billion on $15.2 billion in write-downs from its position with credit default swaps and other financial vehicles connected with the ongoing credit and housing crisis.

Recommended For You

Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader

Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
  • Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
NOT FOR REPRINT

© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more inforrmation visit Asset & Logo Licensing.