American International Group has struck a deal in principle with federal officials "designed to repay all its obligations to American taxpayers" while positioning the company as "strong, independent and worthy of investor confidence."
AIG released details of its plan last week to pay back taxpayers for bailing out the mammoth company, gradually allowing the federal government to reduce its various forms of financial assistance.
The plan will allow the company to "concentrate our full attention on managing our businesses for the benefit of all of our stakeholders," according to Robert H. Benmosche, president and chief executive officer, who said AIG will "repay the taxpayers with a profit."
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