American International Group Inc. swung to a profit with second-quarter net income of $1.8 billion compared to a net loss of $2.7 billion for the second quarter a year ago.
Robert H. Benmosche, president and CEO of AIG—the beneficiary of a $182 billion bailout from the government in order to avoid collapse in 2008—tells CNBC that AIG has "turned the corner and our crisis is over."
Benmosche reiterated the point during a conference call Aug. 10 to discuss earnings. "We're independent of government support. Overall, we're in great shape."
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