NU Online News Service, Aug. 11, 3:30 p.m. EDT

Edward Liddy, before he stepped down as American International Group's embattled chair and chief executive, wrote company employees to tell them that despite liquidations and sales, the company is undergoing a rebirth, not a breakup.

The former head of Allstate, who became AIG's CEO last fall when the government assumed a 79.9 percent interest in the financially strapped firm, said in a letter written last Friday that he was going back into retirement with "$1, a few bruises and a feeling of hard-earned accomplishment."

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