Earlier today, AIG announced an important policy change – one that we wanted to be sure you knew about.
A short time ago, our Chairman and CEO Ed Liddy said that he has ordered the immediate cancellation of all outside meetings, conferences, and recognition events across AIG, except those that are required by law or that are deemed absolutely critical to sustain our ongoing business needs.
Given AIG’s commitment to our customers, business partners, regulators, and American taxpayers, coupled with the new and very different challenges our company now faces, we take these responsibilities extremely seriously. Their trust is critical to our success. We recognize the need to be sensitive about all company expenditures.
As we move forward, we will continue to focus our efforts to pay back the $85 billion loan from the Federal Reserve Bank of New York as quickly as possible.
I applaud their acknowledgment of the need for serious policy changes in terms of how they are doing business. I can only wonder if these changes would have come about without the spotlight of public scrutiny.