NU Online News Service, Jan. 27, 4:08 p.m. EDT
NEW YORK–U.S. taxpayers will only see the American International Group bailout repaid if Washington radically renegotiates the deal's terms and seeks recovery from AIG bank counterparties that federal funds paid in full, said AIG's former chief executive, Maurice Greenberg.
"If you want to see taxpayers get back the bulk of their $85 billion, you should determine whether the counterparties [to AIG's credit default swaps] shouldn't be partly responsible, after they received 100 cents on the dollar when their securities were only worth 40-to-50 cents on the dollar," Mr. Greenberg said in a speech today before a packed house of some 300 luncheon attendees at The Union League Club.
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