US lawmaker questions AIG plan to sell assets

The government-installed head of AIG is telling Congress the insurance giant is selling many of its foreign assets to repay U.S. taxpayers, but a key lawmaker questions whether the plan makes sense.

The government-installed head of AIG is telling Congress the insurance giant is selling many of its foreign assets to repay U.S. taxpayers, but a key lawmaker questions whether the plan makes sense.

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American International Group Inc. Chief Executive Edward Liddy says the company has reduced, but not eliminated, the risk its failure could pose to the global economy despite getting more than $180 billion in federal bailout aid.

But Rep. Edolphus Towns, chairman of the House Oversight and Government Reform Committee, says Congress needs "to understand what the long-range plan is for AIG," and asked whether it makes sense to sell off assets in a bear market where prices are depressed.