Maurice Greenberg, the former American International Group chairman, has once again critiqued efforts by AIG Chief Executive Officer Edward Liddy to pay the firm's government debt by selling assets.
Mr. Greenberg, who was forced from the firm in 2005, this time objected to reported plans for the sale of AIG's Asian life unit, American International Assurance Company (AIA). AIG was forced to give the government a 79.9 percent interest in the company to obtain a costly $50 billion loan.
“It has been widely reported that you are contemplating the sale in part or whole of AIA. AIA is one of the crown jewels of AIG and the only foreign life insurance company in China that is wholly owned and, as such, does not require a local partner,” Mr. Greenberg wrote Mr. Liddy in a letter filed with the Securities and Exchange Commission.
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