Maurice Greenberg, the former chairman and chief executive officer of American International Group, has written his old company urging management to renegotiate their $85 billion government loan, warning that its current terms could destroy the firm.
In a letter filed with the U.S. Securities and Exchange Commission, written to AIG's current CEO, Edward Liddy, Mr. Greenberg attached a “plan to save AIG.”
As Mr. Greenberg calculates it, AIG's $85 billion federal loan “carries an actual interest rate in excess of 14 percent, and on top of that, the government receives 79.9 percent of the ownership of AIG.”
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