American International Group is reducing its stock buybacks to bulk up its capital as part of its efforts to transition to federal oversight as a systemically significant financial institution, President and CEO Robert Benmosche acknowledged today.
As part of that effort, AIG is supporting legislation proposed last week in the Senate and House that would allow the Federal Oversight to use current insurance accounting tools instead of "bank-centric metrics," Benmosche said.
Benmosche's comments were made in response to a question by Randy Binner, a stock analyst at FBR Capital Markets in Arlington, Va.. during AIG's quarterly call with analysts following release of its first-quarter earnings last night.
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