Former insurance giant AIG owes quite a lot to US taxpayers. Not only does the company owe taxpayers billions of dollars in form of bailout funds, it also has to win back the people’s trust after the executive bonus fiasco. AIG contracted the ire of the people after handing out millions of dollars to executives as bonuses despite being bailed out by the government.
AIG is set to hold its annual shareholder’s meeting on Tuesday – the first since the US taxpayers took majority control. Taxpayers will be represented by three trustees from the government.
Part of the plan is to elect six new officers to the 11-seat board of directors. Those to be ousted from the board is current Chairman and CEO Edward Liddy. Liddy has already announced that he will be stepping down from his positions last month. His positions are expected to be filled by two separate people.
AIG owes the government $70 billion dollars. The company estimates that it might take them five years to fully repay the debt.