WASHINGTON--Former American International Group Chairman Maurice "Hank" Greenberg defended his stewardship of the company from afar yesterday, telling a House oversight committee in written testimony that the firm's involvement in the disastrous derivatives only began to "explode" after he left the company in 2005.
He also said that AIG's taking an $85 billion bailout loan from the government represented a bad deal for AIG and its shareholders, and that more value would have been realized by filing for bankruptcy.
"Regrettably, Mr. Greenberg has told the committee that he is too ill to appear today to answer questions," Rep. Henry Waxman, chairman of the House Oversight and Government Reform Committee, said in convening a hearing on conditions that led to AIG's need for a taxpayer bailout.
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