AIG's former CEO objects to potential sale of American International Assurance

By Lisa Kerner

Charlotte, N.C., Jan. 22 - The former chief executive officer of American International Group, Inc., Maurice R. Greenberg, said the sale American International Assurance Co. in whole or in part "could seriously damage the future potential of AIG."

Greenberg made his comment in a Jan. 22 letter to AIG chairman and CEO Edward Liddy included in a schedule 13D/A filed with the Securities and Exchange Commission.

According to Greenberg, AIA, an AIG "crown jewel," is the only foreign life insurance company in China that is wholly owned and does not require a local partner.

In order to repay its debt to the U.S. government, Greenberg suggested that AIG rebuild to become a taxpayer on its own.

Greenberg believes AIG should wait to sell any assets until "the appropriate people in the new administration can determine what is best for the U.S. taxpayer," the filing said.

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