Edward Liddy, before he stepped down as American InternationalGroup's embattled chair and chief executive last week, wrotecompany employees to tell them that despite liquidations to repaygovernment loans, the company is undergoing a rebirth, not abreakup.
The former head of Allstate, whobecame AIG's CEO last fall when the government assumed a 79.9percent interest in the financially strapped firm, said in an Aug.7 letter that he was going back into retirement with “$1, a fewbruises and a feeling of hard-earned accomplishment.”
Mr. Liddy's bruises were an apparent reference to the batteringhe took from congressional critics and New York Attorney GeneralAndrew Cuomo when the firm, which has taken billions in governmentloans, gave out bonuses to executives–including those with AIG'sFinancial Products unit, which had nearly forced the company intobankruptcy.
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