American International Group held its annual meeting last week, facing only limited fire from shareholders over a bottom-line loss of $7.8 billion announced days earlier, even after some public criticisms of management voiced by the company's former chairman.
"AIG is in crisis," former Chairman Maurice Greenberg wrote in a letter to the board of directors, questioning the logic of capital-raising and other actions detailed by his successor, Martin J. Sullivan, when the loss was announced, and requesting the company postpone its May 14 shareholders meeting.
While Mr. Sullivan met with only two challenging questions from shareholders at the annual meeting, the crisis is far from over for the industry, according to at least one expert who predicted that the multibillion-dollar investment write-downs hitting AIG's books may only be the tip of the iceberg for insurers.
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